Deutsche Gesellschaft fuer Ad-hoc-Publizitaet (DGAP), which provides electronic distribution of ad-hoc disclosures, is being acquired by EquityStory, an online investor relations specialist. DGAP was set up in 1996 by Deutsche Boerse, Reuters and Vereinigte Wirtschaftsdienste (VWD) to introduce electronic distribution of ad-hoc disclosures in Germany; it also publishes corporate news, directors’ dealings and press releases.
The firm now provides services to around 800 issuers in Germany and abroad and employs 11 staff. DGAP generated sales of around EUR 2.5 million in fiscal 2004. Terms of the deal were not disclosed, but it should close by the end of the year.