Online broker eToro has acquired the portfolio management business Bulsheet after recently purchasing the no-fee trading app, Gatsby.
Although the financial terms of this deal are not shared publicly, the Israeli social trading network eToro has acquired the portfolio management business Bullsheet to further enhance the customer experience through greater visibility into their eToro accounts.
The deal marks the broker's second acquisition in two months, the most recent being eToro's purchase of the no-fee trading app Gatsby to expand its US business. The takeover, which is valued at approximately $50 million in cash and common stock, was originally submitted for approval by the US Financial Industry Regulatory Authority (Finra) in December 2021.
eToro users can use the specially designed Bullsheet Portfolio Manager to get in-depth information about their portfolio without all the manual work of updating their bets. The platform has been launched last year by Portuguese cousins Filipe Sommer and João Ramalho Carlos who previously joined the popular investor program eToro.
They innovated portfolio management tools based on their experience to help eToro users analyze their portfolio diversification and visualize assets by sector, type, yield, and more. This service allows them to check stocks during extended trading hours, study P/E, P/S, and other ratios to compare their financial data.
According to Yoni Assia as the Co-founder and CEO of eToro, Bullsheet is a great example of the talent and passion in the global eToro community.
Filipe Sommer, one of the founders of Bullsheet once commented that he and João joined eToro to become part of a community. It was eToro's collaborative mindset, including the ability to copy other investors that really drew them to the platform. eToro gives them the ability to interact with millions of investors from around the world.