Nearly doubles revenues; expands to over 1600 client firms
NEW YORK, March 27 /PRNewswire/ -- TheMarkets.com reported today that it nearly doubled sales of its flagship product in 2006, continuing its trend of the past four years, during each of which revenues have grown at near triple- digit percentages.
The global research and estimates platform is now used at over 1600 leading asset management firms, hedge funds, private equity firms, and corporate offices in 43 countries worldwide. "Nearly doubling revenues for one or two years in a row, off of a low basis, is notable," said David Eisner, CEO and President, "but continuing to do so for four years straight is truly remarkable. We are grateful to our clients and partner-brokers for helping us achieve this success." During the third quarter of 2006, TheMarkets.com released a major upgrade to its flagship product. With year-end numbers in, the Company maintained its better than 90% renewal rate after the change. "After our launch, we received significant positive feedback from our users. But the client retention rates speak for themselves. Further, we can attribute a meaningful portion of our expansion at existing accounts in the last quarter of '06 to the upgrade," said Eisner. TheMarkets.com increased penetration at over 200 accounts during 2006, 120 of them after the upgrade in September.
Additionally, the company added a record of over 100 firms to its client roster during the fourth quarter. The platform is now used by professionals at 42 of the 50 largest U.S. asset managers, over half of the top 100 European asset managers, three-quarters of the world's biggest 100 hedge funds, and 15 of the top 25 global private equity firms.
The Company's product offering includes a technology, TheMarkets Link, which enables clients to seamlessly integrate TheMarkets.com content into their own proprietary applications. Boston-based MFS Investment Management nearly doubled users of TheMarkets Link firm-wide in 2006. "TheMarkets Link, with its combination of unique broker content and sophisticated searching capabilities, has enabled us to streamline our access to sell-side research within the established workflow of our intranet," said Joseph Piotrowski, Vice President, Global Investment Technology. "TheMarkets Link-designed specifically for institutional investors-meets the needs of traders, analysts, and portfolio managers across the firm. Further, the breadth and depth of the content available through TheMarkets.com has enabled us to completely replace other research aggregation platforms." In addition, the Company introduced last year a web-based tool that allows investment professionals to integrate their own content, including, among others, meeting notes, articles, and models, alongside the broker content on TheMarkets.com. Developed in response to client requests, this technology enables users to share content with others at their firm while benefiting from the ability to search through this proprietary content and TheMarkets.com content at the same time.
2006 marked a year of operational expansion for the Company. "As announced earlier this year, we now have a fully staffed London office," said Eisner. "As a result, we plan to offer even better support to clients there, while being more conveniently located to meet the increasing demand we see in the region." In 2006, the Company grew penetration of its product into the UK market by nearly 50%.
"The solid growth of TheMarkets.com over the past seven years underlines that it is a premier source of products for, and access to, our clients," said Barry Hurewitz, COO of Investment Research at Morgan Stanley. "In a space that was once considered fully saturated, TheMarkets.com continues to garner market share through its tremendous responsiveness to client needs. Because of this focus and expertise, and the resulting successes, we look forward to continuing to broaden our relationship with TheMarkets.com in the future." About TheMarkets.com TheMarkets.com delivers unprecedented access to the premier real-time research, earnings models, estimates, and full website content and quantitative tools of its eleven contributing Member Firms, plus U.S. equity deal coverage and research from hundreds of global contributors. TheMarkets.com is owned by: Banc of America Securities, LLC (NYSE:BAC), Citigroup (NYSE:C), Credit Suisse (NYSE:CS), Deutsche Bank (NYSE:DB), Dresdner Kleinwort, part of Dresdner Bank AG and a member of the Allianz Group (NYSE:AZ), The Goldman Sachs Group (NYSE:GS), JPMorgan Chase (NYSE:JPM), Lehman Brothers (NYSE:LEH), Merrill Lynch (NYSE:MER), Morgan Stanley (NYSE:MS), UBS Investment Bank (NYSE:UBS), and Reuters (NASDAQ:RTRSYNASDAQ:LSE:NASDAQ:RTR), the global information company, which provides technological infrastructure, web-hosting services, and certain proprietary content.
Contact:
Beth Kite
TheMarkets.com
+1.212.812.4633
DATASOURCE: TheMarkets.com CONTACT: Beth Kite, TheMarkets.com, +1.212.812.4633, Web site: http://www.themarkets.com/
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