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When mulling over what stocks to buy, Wall Street investors can use Multex.com (formerly Multex Systems). The New York City-based company provides online information and research services to institutional and individual investors. Multex.com has a database of more than 900,000 research reports gleaned from 400 contributors, including brokerage firms, investment banks, and independent researchers. Investors can peruse this online database through a subscription service (MultexNET) or on a pay-per-view basis (Multex Research-On-Demand). Four companies (Bloomberg, Reuters, Merrill Lynch, and Gruntal) account for 68% of sales. Multex.com also offers an Internet community for individual investors (Multex Investor Network) and an electronic document distribution service (MultexEXPRESS).
Major shareholders include directors Robert Greene, with about 17%; David Gaynes and Peter LaBonte, nearly 11% (combined); and Milton Pappas, 10%; as well as president and CEO Isaak Karaev, with about 7%. Karaev is also a trustee of Multex Voting Trust, which owns about 17% of Multex.com. Institutional investors include Softbank Ventures, 6%; Rader Reinfrank Investors, 5.5%; and Venture Fund I, 5%.
Karaev, a brokerage services executive for Automatic Data Processing (ADP), conceived the idea for Multex in 1993. He believed that distributing stock research reports online (rather than by mail or telephone) could expedite the dissemination of important information. ADP agreed with Karaev and provided him with capital to start Multex in 1993. In its first years of existence Multex provided software services to ADP and worked on the technology necessary to provide its online information service. This service was up and running by 1995, when Multex first started distributing research reports through Bloomberg, a financial data company. Other affiliations followed with companies such as Dow Jones and Reuters.
In 1997 Multex went international, opening its first branch office in London. In 1998 the company expanded its services to include the individual investor, reaching an agreement with America Online (AOL) to provide content for AOL's personal finance site. Multex filed for an IPO in May 1998, but withdrew the offering later that year. As market conditions improved, the company refiled to go public in 1999 and changed its name to Multex.com.
NEWS & COMMENTARY
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OFFICERS & EMPLOYEES
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Chairman, President, and CEO: Isaak Karaev, age 52, $200,000 pay
EVP: James M. Tousignant, age 38, $219,942 pay
CFO: Phillip Callaghan, age 46, $220,769 pay
Managing Director, International Operations: William "Jock" Ferguson, age 50
SVP Sales and Marketing: Gregg B. Amonette, age 46, $220,000 pay
SVP Product Development: John J. Mahoney, age 39, $201,730 pay
VP Operations: Mikhail Akselrod, age 43
VP, Multex Data Group, Inc.: Malcolm Draper Jr., age 46
VP Publishing: Lauren Keyson
VP Software Engineering: Eduard Kitain, age 32
VP Finance and Controller: Philip Scheps, age 52
Director Human Resources: Olympia Romero
Auditors: Ernst & Young LLP
1998 Employees: 149 (Company Job Openings)
1-Yr. Employee Growth: 24.2%
LOCATION & SUBSIDIARIES
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Headquarters: 33 Maiden Ln., 5th Fl., New York, NY 10038
Phone: 212-859-9800
Fax: 212-859-9810
Web Site: multex.com
PRODUCTS/OPERATIONS
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Selected Products and Services
Multex EXPRESS (electronic document distribution service)
Multex Investor Network (Internet community for individual investors)
Multex Research-On-Demand (access to research reports on a pay-per-view basis)
MultexNET (subscription Web site with access to research reports)
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