Prytek puts $12 million into trade analysis firm TipRanks
Singapore-Israeli investment firm Prytek is putting an additional $12 million into trade and research analysis firm TipRanks.
TipRanks evaluates public stock recommendations made by ﬁnancial analysts and financial bloggers, then ranks those experts based on their accuracy and performance. The company’s tools allow private investors and day traders to see the measured performance of anyone who provides financial advice. TipRanks uses Natural Language Processing (NLP) algorithms to aggregate and analyze financial data online. This method provides a data-driven measure of accuracy based on the statistical ability of an expert to generate profits and make correct recommendations.
Israeli news site Calcalist is reporting that Prytek, which previously invested $3 million into TipRanks, is buying an additional $12 million worth of shares in the company from existing investors including some of the entrepreneurs and employees. No implied valuation for TipRanks was reported.
TipRanks’ tools are used and offered by investment houses such as Interactive Brokers, E*Trade, and TD Ameritrade.
One of Prytek’s key executives, Chairman Yair Seroussi, was formerly Chairman of the Board of Israel’s largest bank, Bank Hapolaim. Hapolaim was one of TipRank’s first customers.