Interactive Data, a provider of financial market data, analytics and related services, today said it has purchased the assets of Dubai-based Telerate Systems (TSL) for $600,000 to bolster its market share in the Middle East.
For the past seven years, TSL, a privately-held company, has served as Interactive Data’s sales agent for its eSignal division’s desktop services to the commodities, financial futures and foreign exchange trading community in the Middle East.
“By having a direct presence in the region, we will enhance our ability to expand ur business in the Middle East,” said Roger Sargeant, managing director of international business for Interactive Data. “We look forward to providing our new Dubai-based team with the requisite resources to capitalize on what we believe are attractive expansion opportunities in this fast growing region.”
The Dubai-based business will be rebranded under the Interactive Data name and TSL’s team of six employees, as well as its managing director and co-founder Suresh Kanji become Interactive Data employees.
So far, according to Sargeant, Interactive Data has about 700 customers for all of its products in the Middle East, including its eSignal suite, reflecting the region’s interest in commodities and foreign exchange trading. Known as the City of Gold, Dubai, handles the largest chunk of gold trading in the Middle East and is home to the Dubai Gold and Commodities Exchange.
Sargeant said that Interactive Data is also hoping that presence on the ground in Dubai will allow it to expand the sales of reference data, fixed-income evaluations and real-time market data to that region as well.
Headquartered in Bedford, Mass, Interactive Data has offices in an additional 30 cities around the world, including New York, London, Hong Kong, Singapore, Sydney and Melbourne.
This article can also be found at SecuritiesIndustry.com.
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