Merrill Lynch & Co.
February 19, 1999
Merrill Lynch to Purchase the Technology of D. E. Shaw Financial
Technology, A Developer of Internet Systems for Financial
Institutions
In Merrill Lynch (NYSE: MER) to Purchase the Technology of D. E. Shaw Financial Technology, moved
earlier today, we are advised by the company that the Web site in the first sentence, last graph should read
" askmerrill.com ", rather than "http://ask.merrill.com", as originally issued.
CORRECTED BY PR NEWSWIRE AT 10:33 EST Move Advances Development of Merrill Lynch's
Internet Platform for Investors
NEW YORK, Feb. 19 /PRNewswire/ -- In a move to enhance its Internet platform, Merrill Lynch & Co.
today announced that it has signed a definitive agreement to purchase the assets of D.E. Shaw Financial
Technology, L.P. (DESoFT), a developer of Internet technology for financial institutions.
Terms of the transaction, which is subject to certain regulatory and other conditions, were not disclosed.
The agreement is expected to close by the end of the first quarter.
DESoFT, an indirect subsidiary of D.E. Shaw & Co., L.P. located in Cambridge, Mass., has been a
pioneer in developing real-time, online trading and sophisticated database applications.
"The acquisition of DESoFT underscores Merrill Lynch's commitment to providing our clients with a
total financial relationship," said Vice Chairman John L. Steffens, head of the Merrill Lynch Private
Client Group.
"We are delighted that the combined technology talent of DESoFT and Merrill Lynch will be working
together to define the future of financial services on the Internet and enable clients to take full advantage
of the rapid innovations now taking place. The combination of a premier Internet site, a full spectrum of
products and services, and the unmatched guidance of our Financial Consultants is the ultimate marriage
of technology and human wisdom," Mr. Steffens added.
The acquisition of DESoFT's Internet technology and software development group, combined with the
existing capability of Merrill Lynch's Private Client technologists, will accelerate development of a
collaborative platform for investors bringing together cutting-edge technology and human wisdom.
"We are gratified that the world's largest securities firm has chosen DESoFT technology as the core of its
Internet presence and capabilities," said David Shaw, chairman of D.E. Shaw & Co., Inc. "The DESoFT
development team and state-of-the-art technology will dramatically enhance Merrill's online resources."
Merrill Lynch Online (MLOL), an Internet-based service that provides round-the-clock connection to
Merrill Lynch, will combine the full power and convenience of the Internet with the time-tested advice of
Merrill Lynch investment professionals to deliver unmatched value to clients.
Through MLOL, clients can: access account information, view statements, transfer funds between
accounts, pay bills, read Merrill Lynch research, check stock and mutual fund prices, chart securities,
receive e-mail on topics of interest, monitor Dow Jones Online news and shop at Merrill Lynch's
eCommerce Merchant Center.
Client-order entry for securities and mutual funds will be introduced for the company's Financial
Advantage and Asset Power fee-based client accounts within the next several weeks.
MLOL, recently named best "full service" financial site by Financial Net News currently has more than
400,000 clients with household assets of $320 billion.
Separately, Merrill Lynch announced that, given the overwhelming success of the firm's free research
trial ask.merrill.com, a second version will be released on March 1. Details about the trial, which
was scheduled to end on February 28, 1999, will be announced shortly.
/CONTACT: Bobbie Collins, 212-449-7282, or bcollins@exchange.ml.com, or Susan Thomson,
212-449-2004, or sthomson@exchange.ml.com, both of Merrill Lynch/ |
