E*TRADE To Introduce Innovative New Personal Finance Tools Through Acquisition Of Confluent
/FROM PR NEWSWIRE SAN FRANCISCO 415-543-7800/
TO BUSINESS AND TECHNOLOGY EDITORS:
E*TRADE To Introduce Innovative New Personal Finance Tools Through
Acquisition Of Confluent Inc.
With Confluent's Abrio Calendar Engine, E*TRADE Plans To Launch New Personal
Financial Information Manager To Help Investors Organize Financial Lives
Online
MENLO PARK, Calif., Sept. 30 /PRNewswire/ -- E*TRADE(R) Group Inc.
(Nasdaq: EGRP) today announced its acquisition of Confluent Inc. and its Abrio
calendar engine as part of E*TRADE's global strategy to develop powerful,
proprietary tools that enable individual investors to manage their personal
finances more effectively and conveniently. Together with Confluent, E*TRADE
will use the Abrio engine to create an innovative online product -- the
Personal Financial Information Manager -- that will be available through the
award-winning Destination E*TRADE web site. Financial terms of the deal were
not disclosed.
Scheduled to debut in early 2000, E*TRADE's Personal Financial Information
Manager will enable investors to develop a personal "command center" for
managing and tracking important financial events. Users will be able to
automatically track specific corporate events, including earnings
announcements, stock splits and dividend declarations based on their personal
portfolios. In addition, E*TRADE customers will be able to organize and track
important personal financial information and transactions such as automated
deposits, bill presentment and payment and automatic investing plans.
"As E*TRADE builds the world's leading electronic personal financial
services company, a top priority is providing innovative tools that simplify
personal financial management online," said Tom Bevilacqua, executive vice
president of corporate development and strategic investments for E*TRADE.
"Abrio's calendar engine and product development team bring valuable
technology and expertise that will help us achieve this goal, while continuing
to enhance E*TRADE's customer value proposition of empowering individual
investors."
E*TRADE is planning to make the Personal Financial Information Manager
available via the company's web site (www.etrade.com) and through new
interactive mediums, including wireless devices and broadband services, as
part of E*TRADE's digital financial media strategy.
"As a continuing innovator, we believe E*TRADE is the ideal showcase for
our Abrio calendar engine," said William Tseng, president and chief executive
officer of Confluent Inc. "E*TRADE's appeal to mainstream America calls for
tools that enable investors from all walks of life, and with greatly varying
investment strategies, to make the most of their online experience. We
believe Abrio provides yet another compelling reason for individual investors
to go online with E*TRADE."
About E*TRADE
E*TRADE, a global leader in online personal financial services, is the
world's most-visited online investing site, offering value-added investing and
research features, premium customer service and a fully redundant, proprietary
Stateless Architecture(SM) infrastructure. E*TRADE has continued to extend
its customers' financial services experience through the acquisition of
Clearstation.com, a community-based financial analysis site, and its pending
merger with Telebank, the nation's leading branchless bank. E*TRADE is also
expanding its value proposition through strategic investments in E*OFFERING, a
full-service online investment bank, and Archipelago, a leading Electronic
Communications Network (ECN).
E*TRADE plans to expand its global presence by launching branded web sites
in the top 20 financial markets worldwide, and has taken a key step toward
becoming the first online global trading network with its recently completed
acquisition of TIR Holdings. E*TRADE presently has branded web sites in the
U.K., Sweden, France, Australia and Canada.
E*TRADE has been ranked the number one online brokerage by Gomez Advisors
for four out of the last five quarters, Lafferty Information and Research
Group, PC Magazine and Smart Computing magazine.
E*TRADE Securities Inc. (Member NASD/SIPC), and its parent company,
E*TRADE Group Inc., have offices in Northern California and in other major
business centers in the U.S. and worldwide.
Important Notice
E*TRADE is a registered trademark of the company. All other trademarks
are properties of their respective owners. The statements contained in this
news release that are forward-looking are based on current expectations that
are subject to a number of uncertainties and risks, and actual results may
differ materially. The uncertainties and risks include, but are not limited
to, changes in market activity, market acceptance of the new Destination
E*TRADE web site, anticipated increases in the rate of new customer
acquisition, the conversion of new visitors to the site to customers,
seasonality, the development of new products and services, the enhancement of
existing products and services, competitive pressures (including price
competition), system failures, economic and political conditions, changes in
consumer behavior and the introduction of competing products having
technological and/or other advantages. Further information about these risks
and uncertainties can be found in the information included in the annual
report filed by the company with the SEC on Form 10-K (including information
under the caption "Risk Factors") and quarterly reports on Form 10-Q. The
company has not independently verified market size information contained in
this release and provided by Gomez Advisors.
SOURCE E*TRADE Group Inc.
/CONTACT: Tim Alban of E*TRADE Group Inc., 650-331-5865, ortalban@etrade.com;
or Greg Xenakis of Neale-May & Partners, 650-328-5555,ext. 142, or
gxenakis@nealemay.com, for E*TRADE Group Inc./
/Company News On-Call: prnewswire.com or
fax,800-758-5804, ext. 136683/
/Web site: etrade.com
Sep-30-1999 09:40 GMT
Symbols:
US;EGRP
Source PRN PR NewsWire
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