Australia's Fairfax Media Buys InvestSMART For $9.9 Million

Australian media giant Fairfax has announced the acquisition of InvestSMART, a site where users can research and directly invest in up to 4,000 mutual funds. InvestSMART will be merged with Fairfax’s own Direct Access service, which is part of the company’s Fairfax Digital unit. The company says this as an opportunity to grab a similar business in a rapidly growing area with very little customer overlap, while expanding the number of funds it can offer its users. The $9.9 million (A$12 million) deal is just the latest in a flurry of moves out of Fairfax, having merged with Rural Press late last year, while making smaller moves to boost its burgeoning digital business. Release (PDF)

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