InvesTools Inc., an investor education company based in Salt Lake City, said Thursday it has acquired Prophet.Net and Prophet Financial Systems, a software development company based in Palo Alto, Calif.
As part of the transaction, InvesTools acquired all of Prophet's stock for $7.9 million in cash.
Prophet made a profit in 2004, with revenue of more than $3 million. Tim Knight, Prophet's chief executive officer, president and founder, has entered into a two-year employment agreement with InvesTools as vice president of technology.