Triples revenues over three-year period; Launches new products; Doubles headcount in New York and London offices
NEW YORK, March 16 /PRNewswire/ -- TheMarkets.com, a leading provider of research, estimates and workflow solutions to institutional investors worldwide, announced today that it grew 24% in 2008, closing a three-year period over which the Company more than tripled revenues. To support this growth, TheMarkets.com doubled employee headcount in both its New York and London offices, for the second year in a row.
Based in 47 countries, TheMarkets.com's client base included over 2400 investment management firms at the close of 2008, representing a 20% year-over-year growth. The Company saw its greatest growth rate in Asia, with a nearly 45% increase in subscriptions in the region. Key geographies in which the client base more than doubled include: China, Hong Kong, Russia, and the United Arab Emirates.
"With information at a premium in this volatile market environment, investors are turning to best-of-breed products for their most critical information -- including TheMarkets.com for company and economic research," said David Eisner, CEO and President. "We have seen usage skyrocket, hitting record highs in the fourth quarter of last year. In general, the buy-side is looking to streamline vendor relationships as a way to cut costs during the market contraction. The fact that TheMarkets.com continues to flourish is a testament to our focus on delivering the best research and estimates product on the market." During 2008, despite the economic downturn, TheMarkets.com retained more than 90% of its clients, capping off six years with 90% or better client retention rates. Its research and estimates platform is now used by three quarters of the 50 biggest US asset managers, two thirds of the top 100 European asset managers, and three quarters of the world's 100 largest hedge funds. To answer the buy-side's need for a source of comprehensive research, TheMarkets.com has also focused on building direct relationships with brokers, and recently surpassed 200 direct contributors to its research platform.
"We attribute our continued growth not only to our must-have information and search-centric platform, but also to our continuous innovation in delivering products that save significant time in the buy-side workflow," Eisner said.
Key products launched during 2008 include: -- TheMarkets Meeting Tracker: product enabling the buy-side to manage,
track and evaluate the meetings they set up through their brokers --
and answer to regulatory requirements
-- TheMarkets In Brief: digest of analyst upgrades, downgrades,
initiations and drops
-- TheMarkets.com, Enhanced Version: new version of the research and
estimates platform including upgrades in performance, interface,
content, and search and alerting tools Subscriber Byron Penstock, research analyst at RS Investments, said, "TheMarkets.com is my primary source for broker research. It has the research and models I need in one place, along with other company-specific data, saving me significant time in my research workflow." About TheMarkets.com TheMarkets.com is a leading provider of research, estimates, and workflow solutions to over 2400 institutional investment management firms worldwide. TheMarkets.com is owned by: Banc of America Securities, LLC (NYSE:BAC), Citi (NYSE:C), Credit Suisse (NYSE:CS), Deutsche Bank (NYSE:DB), Dresdner Kleinwort, the commercial and investment banking division of Dresdner Bank AG, The Goldman Sachs Group (NYSE:GS), JPMorgan Chase (NYSE:JPM), Morgan Stanley (NYSE:MS), UBS Investment Bank (NYSE:UBS), and Thomson Reuters (NYSE: TRI; TSX: TRI; LSE: TRIL: Nasdaq; TRIN).
CONTACT:
Jasmine Swann
TheMarkets.com
+1 212.812.4631
DATASOURCE: TheMarkets.com CONTACT: Jasmine Swann, TheMarkets.com, +1-212-812-4631, Web Site: http://www.themarkets.com/
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