Omega Research Acquires Window On WallSteet
Miami, FL-based Omega Research has acquired Window On WallStreet and plans to leverage the partnership to deliver an integrated product to online traders. The deal calls for Dallas-based Window On WallStreet to operate as a business unit of Omega--a provider of real-time investment analysis software. The acquisition will facilitate the Omega's effort to roll out an Internet-based product combining real-time data streaming with a front end tool for trade analysis.
"There's a convergence of tools that both professional and individual traders are using and our products are targeted at both," says Ralph Cruz, co-chief executive officer of Omega Research. Omega's main products, including TradeStation, OptionStation and RadarScreen, allow users to automate their investment strategies and historically test the profitability of those strategies.
Although Cruz declines to discuss the details of Omega's latest product, he says that customer demand for an integrated solution that combines "a very powerful took with streaming real-time data over the Internet" prompted the acquisition of Window On WallStreet. The addition of Window On WallStreet's Internet-based investment and trading analysis technology and streaming real-time and historical quotes is expected to provide a broader distribution and marketing channel for the introduction of the integrated product.
"Most companies out there are data companies that also give you some software to use with their data... but there's really nothing out there that integrates a front end tool that people buy for the tool itself and data as well," says Cruz.
Under terms of the agreement, Omega will exchange 2 million newly issued shares of common stock for all issued and outstanding shares of Window On WallStreet, and will repay around $4.1 million of Window On WallStreet's debts.
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