HyperFeed Sells PCQuote.com's Website and Trading Applications to Money.net
6/4/2003 07:28
Ticker Symbol: HYPR
Category: Business
Product: CN
HyperFeed Sells PCQuote.com's Website and Trading Applications to Money.net;
HyperFeed Receives Cash and Future Revenue from Increased Exchange Data Feed
Services
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CHICAGO--(BUSINESS WIRE)--June 4, 2003--HyperFeed Technologies,
Inc. (Nasdaq:HYPR), a provider of Managed Exchange Platform Services
(MEPS) and market information to financial institutions, exchanges,
value-added distributors and content providers, today announces that
it has executed a definitive agreement for the sale of the individual
retail trading unit of its subsidiary, PCQuote.com, Inc. to Money.net,
which includes Marketscreen.com. Money.net is a HyperFeed customer and
a leading provider of streaming real time market data and custom
financial software and technology. Money.net will pay HyperFeed in a
hybrid transaction including cash and increased exchange information
revenue over the next four years. In addition, HyperFeed will maintain
the portion of PCQuote.com that provides streaming real-time quote
objects over customer's web sites.
According to Paul Pluschkell, HyperFeed's President and Chief
Operating Officer, "With this sale, we continue to meet our targets
and focus our efforts on moving toward our goal of being the market
leading provider of MEPS to the financial industry. The sale also
moves us closer to profitability by allowing us to continue generating
revenue from PCQuote.com customers for our exchange services, a
component of our MEPS, while relieving us of the overhead of servicing
retail-based customers." Pluschkell adds, "At the same time,
PCQuote.com will realize the benefit of Money.net's expertise and
experience in the retail trading application market as Money.net
focuses on growing the business and its customer base."
Money.net will acquire the PCQuote.com website and the retail
trading applications available through PCQuote.com. H. L. Van Arnem,
CEO of Money.net states, "We are excited to acquire the well
established PCQuote.com brand, along with its robust and mature
application suite, and web licensing business. Money.net will refocus
some of its resources to re-invigorate PCQuote.com. This strategic
acquisition completes our product offering, which extends from the
market watcher to the active market participant. Money.net looks
forward to expanding the PCQuote.com brand using our proven marketing
and user acquisition strategies."
About HyperFeed Technologies, Inc.
HyperFeed's MEPS (Managed Exchange Platform Services), including
its ticker plant technology and financial exchange managed services
are designed specifically to support the delivery of real-time data,
data management, data reporting, and value added services for use in
distributing and receiving financial content with a competitive edge.
Beginning with a comprehensive understanding of the diverse needs of
the financial equities industry, the Company applies advanced
technologies to the processing, delivery, distribution of and access
to financial market data. HyperFeed(R) offers one of the fastest, most
complete and reliable managed exchange platform services that can be
used with industry-leading APIs, third-party applications or online
desktop solutions.
For more information, please visit HyperFeed's web site at
www.hyperfeed.com.
About HyperFeed's MEPS (Managed Exchange Platform Services)
HyperFeed's MEPS are a complete turnkey solution for the
normalization, data-basing, integration and transmission of high
performance, real-time data sources from exchanges, content providers
and proprietary in-house sources. MEPS provides direct access to all
North American exchanges and offers a complete set of data cleansing
and management tools for remote or on-site use. It provides adaptors
to a number of widely used middleware platforms and can be used
collectively as a complete solution or individually to augment the
functionality of other vendor system products.
About Money.net, Inc.
Money.net Incorporated, is a financial subscription and software
development company, providing retail investors and institutions with
professional grade real-time market information and tracking tools, at
affordable monthly rates. Money.net offers subscription-based packages
that include: real-time quotes, streaming charts, market updates, news
and wireless alerts, through its websites (www.money.net and
www.canadianmarkets.ca) and through licensing agreements and
customized software systems. Today the company manages one of the
largest subscriber bases with more than 30,000 customers and networks
for real time market data, delivering Level I, Level II and NASDAQ
PowerView SuperMontage streaming stock quotes directly from the major
U.S and Canadian stock exchanges. Working with Money.net, retail and
institutional investors can receive precise, real time information to
their desktops, PDA.s and wireless devices, while minimizing
subscription costs and eliminating the need for any software or
hardware installations. Corporate clients include 3 major U.S. Stock
Exchanges including: NASDAQ.com, Chicago Board Options Exchange, and
the NASDAQ LIFFE Stock Exchange - NQLX.com, among many others.
Money.net headquarters are based in New York City.
About PCQuote.com
PCQuote.com is one of the world's premier electronic providers of
real-time securities quotations, news and investment tools via the
Internet. PCQuote.com's mission is to empower the individual investor
with direct access to accurate, timely and complete financial and
business information - all designed to help individuals make educated
investment decisions. Through a host of innovative investment tools,
software applications, institutional-quality HyperFeed market data and
its www.pcquote.com Web site, PCQuote.com is the premier Internet
destination for comprehensive analytical tools and financial market
information.
About Marketscreen.com
MarketScreen.com is a financial analytic engine providing
comprehensive stock screening and market alerts. We offer a complete
set of report packages tailor-made to fit the needs of web-based
financial resource providers, including online brokerages, investment
firms, and financial portals. Our reports range from simple market
snapshots to comprehensive technical event screens, and are delivered
to client sites daily. Marketscreen's website is located at
marketscreen.com.
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