April 25, 2007
TheStreet.Com Acquires Stockpickr.Com
TheStreet.com, Inc. (Nasdaq: TSCM), a leading provider of financial commentary, analysis, research, news and financial ratings, today announced the acquisition of the remaining 50.1% stake in Stockpickr.com that it did not already own.
Stockpickr.com boasts a unique Web 2.0 offering in a forum where people who want to learn how the rich get richer meet to compare and exchange investment strategies and techniques.
With insight into over 800 professional portfolios (including the portfolios of Warren Buffett and George Soros) and thousands of individual investor portfolios, visitors to the site can learn how to invest following professionals' strategies. Visitors to the site are also able to model their own investment practices after trends they observe professionals following, while mimicking professionals' successful investment choices.
"Whether looking for short-term trading ideas or longer-term investments geared for retirement, investors can find common ground with thousands of other users on the site and use Stockpickr's tools to generate new ideas," said James Altucher, President of Stockpickr.com. "Integrating our ever-increasing content with TheStreet.com's news, blogs, video, and data, will further allow us to enhance the user experience for Stockpickr members. Finally, what's great about the site is that it attracts the Facebook and 401K audiences and everyone in between."
Stockpickr's free, easy to use investment tools and TheStreet.com's free editorial content combine to create an end-to-end resource unlike any other offering currently available, with more than a dozen idea generating components, including a proprietary recommendation algorithm, diverse model portfolios, specialized lists of individual stocks, and a vast community of individuals looking to increase their investment savvy.
The site is a relevant tool in a quickly changing market for a community that enjoys engaging content through Web 2.0 technologies -- a tool the audience wants, how the audience wants it.
"With social networking being the fastest growing part of the web and from our experience with Stockpickr, the time was right for us to own the entire site", said Thomas J. Clarke, Jr. chairman and CEO of TheStreet.com. "The combination of TheStreet.com with Stockpickr.com delivers the value that advertisers demand in the Web 2.0 world. I have had the pleasure of working with James for a number of years as a contributor to our site and I look forward to his contributions as President of Stockpickr.com and for the many ideas and opportunities he will bring to the entire TheStreet.com network."
Terms of the deal were not released.
About TheStreet.com, Inc.
TheStreet.com, Inc. (Nasdaq: TSCM) is a leading multimedia provider of business, investment and ratings content, available through its proprietary properties, which include Web sites, email subscription services, print, radio, syndication and audio and video programming. Founded in 1996, TheStreet.com, Inc. pioneered the electronic publishing of financial information on the Internet. Today, the Company offers proprietary information on stocks, mutual funds, exchange-traded funds (ETFs) and financial institutions, including various insurers; HMOs; Blue Cross Blue Shield plans; banks and savings and loans. The Company's breadth of top-grade services empowers a wide audience of retail and professional investors, by delivering information they can rely upon to make sound, informed financial decisions.