A Montclair-based investment fund said Wednesday that one of its companies, TheStreet Inc., is selling a unit for $33.5 million.
TheStreet Inc., a business news site, sold its RateWatch financial data unit, to S&P Global Market Intelligence, a provider of independent ratings and data to markets worldwide, 180 Degree Capital Corp. said in a news release.
“We congratulate TST on the sale of RateWatch to S&P,” 180’s CEO, Kevin M. Rendino, said in a prepared statement. “When we helped facilitate the removal of its preferred stock overhang in November 2017, we believed TST’s business-to-business assets were worth at least two times trailing revenue. We couldn’t be happier with this outcome, and look forward to the company’s continued efforts to enhance shareholder value.”
RateWatch provides banks and credit unions with a bank deposit and loan rate database. It has about 60 workers and had 2017 revenue of about $7.7 million. TheStreet acquired it in 2007.