It looks like commercial financial information provider Edgar Online’s (Nasdaq: EDGR) decision to purchase competitor FreeEDGAR.com has already paid off. Shares of Edgar Online climbed nearly 38 percent on Monday, gaining 2-15/16 to 10-11/16 after the company announced that its acquisition of FreeEdgar.com has been closed.
EDGAR Online has acquired multiyear contracts worth more than five million dollars as part of its acquisition of FreeEDGAR.com. EDGAR Online will now supply SEC-based data to Reuters, Standard & Poor’s CompuStat, Thomson Investor Network and other businesses. In addition, the combination of EDGAR Online and FreeEDGAR.com expands EDGAR Online’s user base by more than 50 percent.