BullSheet, a portfolio management tool, is Acquired by eToro

EToro announced on Thursday that it has acquired Bullsheet, an exclusive provider of portfolio management solutions for eToro users. Filipe Sommer and Joo Ramalho Carlos, who are cousins, created the platform.

Bullsheet is a tool exclusive to eToro users that enables investment management through portfolio analysis and diversification. EToro is now striving to incorporate the services of BullSheet into its platform.

"The Bullsheet story is a wonderful illustration of the skill and zeal inside eToro's worldwide community. It's the wisdom of the crowd in action," said Yoni Assia, co-founder and chief executive officer of eToro. "[Joo and Filipe] launched Bullsheet so that they could share the tools they created as eToro users with other users."

With the acquisition, Sommer and Carlos joined eToro's product development team.

BullSheet was founded in 2021 by its co-founders, who joined eToro's Popular Investor program as users in 2020. Sommer is a techie by trade and served as a Software Engineer at Accenture for three years, from July 2021 to July 2022.

Carlos has worked in marketing and product-related areas for seven years. He was a Business Analyst in the Lisbon office of McKinsey before becoming the Head of Product at Plicca. In addition, he worked at Naturea Petfoods for over four years as the Director of Digital Marketing and E-Commerce until leaving the company. In addition, he spent over a year as the Performance Marketing Lead at Kenjo.

Carlos said, "We are happy to have transitioned from eToro users to eToro workers. As a worldwide community, eToro's aim is to offer users with the tools they need to increase their knowledge and wealth. We are delighted to play a role in ensuring that eToro's reputation for providing new tools for retail investors remains intact."

Meanwhile, eToro is aggressively increasing its global presence. Additionally, it obtained an Abu Dhabi license in principle last month. The broker even paid $50 million to purchase Gatsby, a commission-free options and stock trading firm in the United States.