LOS ANGELES: Canadian newswire CCNMatthews has entered an agreement to acquire Market Wire in an all-cash deal.
The combined company will have US offices in New York City, Los Angeles, San Francisco, Chicago, Austin, Dallas, and eventually Washington DC, as well as Canadian offices in Toronto, Montreal, Vancouver, Calgary, and Ottawa.
The companies will continue to run independently, but Market Wire president and CEO Jim McGovern will now report to Michael Nowlan, president and CEO of CCNMatthews.
"Market Wire has emerged as a technology leader in the newswire industry, and until recently, has been one of the newswire industry's best-kept secrets," Nowlan said in a statement. "Over the past several years we have been watching the strong development in the Market Wire product offering, and its growing success in the marketplace. Market Wire's extensive distribution network, leading technology, significant gains in US market share and impressive financial performance were primary drivers for this acquisition."