FOR IMMEDIATE RELEASE
THESTREET.COM TO ACQUIRE IPOPROS.COM Strategic Transaction Will Make TheStreet.com the Leading Source of Cutting-Edge IPO Research and Commentary
NEW YORK, December 22, 1999 -
TSCM), a leading Web-based provider of original, timely and comprehensive financial news and commentary, today announced an agreement to acquire ipoPros.com, a privately held company offering subscriber-based online access to original research, ratings, data and news about initial and secondary stock offerings. Terms were not disclosed.
The acquisition of ipoPros.com will bring readers of TheStreet.com right to the front lines of the most important sector of the financial markets. The scorching IPO market has captured the imagination of millions of investors, making terms like 'lock-up' and 'quiet period' household terms. ipoPros.com will deliver commentary, analysis, proprietary research and an expanded array of IPO-related offerings. Founded by former hedge fund manager Ben Holmes, ipoPros.com is one of the industry's premier sources for independent research, ratings, and news on upcoming equity offerings.
"The ipoPros.com product is an outstanding addition to TheStreet.com, with commentary, analysis, news and data that's original, cutting-edge, and exceptionally useful to today's investor," said Thomas J. Clarke, chief executive officer of TheStreet.com, Inc. "Ben Holmes and his superb team cover the IPO landscape with the same level of journalistic integrity and reader-focused analysis that
brings to the broader investment market. This combination will bring unmatched IPO research and analysis to our growing subscriber base - and lends our marketing and technological resources to help further the growth of ipoPros.com."
Under the deal, which is expected to close before the end of the year, ipoPros.com founder Ben Holmes will continue to produce the ipoPros.com product and in addition will write a daily IPO column for
under a multi-year employment agreement.
"This is a terrific marriage of two very strong and unique producers of financial markets content," said Holmes, "I am thrilled about our prospects together."
As a portfolio manager with Worldwide Capital, Holmes invested in over 2,000 equity-syndicate offerings, making him one of the industry's leading experts on IPOs. Previously, he worked as a broker for Merrill Lynch. Holmes has been a contributing columnist for
since April 1999.
The ipoPros.com site offers independent research on equity syndicate offerings to subscribers including both professional and individual investors. Professional markets subscriptions to ipoPros.com are priced at $400 per month and individual subscriptions are priced at $25 per month. The ipoPros.com site will continue to provide its full content offerings to subscribers after the close of the transaction.
About TheStreet.com, Inc.
TheStreet.com, Inc. (Nasdaq:
TSCM) is publisher of
, a leading Web-based provider of original, timely, comprehensive and trustworthy financial news and commentary.
www.thestreet.com) was founded in 1996 and is based in New York City, with bureaus in San Francisco, Silicon Valley and London.
editorial team, with over 80 experienced financial journalists and two dozen outside contributors, publishes approximately 50 original news stories and commentaries every business day, including columns by James J. Cramer, Herb Greenberg, and Adam Lashinsky. TheStreet.com, Inc. has established strategic alliances with
The New York Times
, Fox News Network, America Online, Yahoo!, E*TRADE, DLJ
, Intuit, 3Com and other leading companies.
, a financial news site majority owned by TheStreet.com and intended for UK investors, will launch in early 2000.
ipoPros.com, inc. is a professional equity syndicate information and notification service based in Boulder, Colorado. IpoPros.com provides comprehensive IPO and follow-on data services via its website at
www.ipopros.com and by delivery of emailed reports.
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