Exhibit 99.1
NEWS RELEASE
Contact:
Media Relations Investor Relations Media Relations For
For Multex.com: For Multex.com: Market Guide:
Courtney Darby/Renee Kemish Joseph Jaffoni
Middleberg + Associates Jaffoni & Collins Incorporated
(212) 699-2545/2552 (212) 835-8500
courtney@middleberg.com mltx@jcir.com
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renee@middleberg.com
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Multex.com Agrees to Acquire Market Guide
Market Guide Acquisition Valued at Approximately $159 million at the Time of
Announcement
Market Guide Acquisition to Strengthen Multex.com's Position as the Leading
Online Investment Research Network for Individual and Institutional Investors
NEW YORK, June 23, 1999 -- Multex.com, Inc. (Nasdaq: MLTX) and Market Guide Inc.
(Nasdaq: MARG) today announced that they have signed a definitive agreement for
Multex.com to acquire Market Guide Inc., a leading provider of financial
information on the Internet. The transaction is structured as a merger of a
newly formed subsidiary with and into Market Guide, with Market Guide
shareholders receiving approximately 5.6 million shares of Multex.com stock.
Market Guide is an industry-leading Internet provider of value-added financial
content for both individual investors and institutional investors, covering over
12,000 publicly traded companies. Following the consummation of the
acquisition, Market Guide expects to make Multex.com's investment research and
earnings estimates available through its Web site, http://www.marketguide.com,
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as well as through its over 100 leading Internet distribution partners,
including America Online, Ameritrade, Bridge Information Systems, CBS
MarketWatch, Charles Schwab & Co., CNNfn, E-Trade, FactSet Research Systems,
Lycos, Reuters, The Motley Fool, The Street.com, Wall Street Journal
Interactive, Waterhouse Securities and Yahoo!.
The acquisition will enable Multex.com to leverage Market Guide's extensive
Internet distribution network, unique financial content and brand. In addition,
the acquisition will allow Multex.com to substantially increase the quantity and
scope of its proprietary financial content and analysis, strengthening the
Company's position as the leading online investment research network for
individual and institutional investors.
Multex.com expects to integrate Market Guide's proprietary financial databases
into all its Internet research services, including MultexNET, MultexEXPRESS,
Multex Research-on-Demand and Multex Investor Network.
"Market Guide represents an excellent strategic and financial transaction for
Multex.com. We look forward to leveraging Market Guide's premiere content as
well as working closely with Market Guide's strategic distribution partners,"
said Isaak Karaev, president and CEO of
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Multex.com. "Both Multex.com and Market Guide are dynamic brands within the
rapidly expanding Internet financial services market. By combining our
complementary business models, proprietary content, audience reach, and Internet
technology, we believe we have the opportunity to create the largest and fastest
growing investment and financial research destination on the Internet."
"Both Market Guide and Multex.com share the same vision of being the benchmark
for high quality financial content, research and analysis over the Internet,"
said Homi Byramji, President and CEO of Market Guide. "Together, we will supply
more professional Web sites with investment data than any other financial
information provider. In addition, the combination of our broad network of
Internet distribution partners will enable millions of individual and
institutional investors worldwide to access our leading content.''
Under the terms of the merger agreement, Market Guide shareholders will receive
one share of Multex.com stock for each outstanding share of Market Guide stock.
The acquisition, which is expected to close within 120 days, has been approved
by both companies' Boards of Directors and is subject to customary conditions
including approval by the stockholders of Multex.com and Market Guide.
Multex.com, Inc. expects to account for this transaction under the pooling
method of accounting. Market Guide Inc. will retain its key management and be
operated as a wholly owned subsidiary of Multex.com, Inc. In addition to
continuing to serve as Market Guide's President and CEO, Homi Baramji will join
Multex.com's Board of Directors.
About Multex.com, Inc.
Multex.com (http://www.multex.com) is a leading provider of online investment
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research and information services designed to meet the needs of individual and
institutional investors, including investment banks, brokerage firms and
corporations. Multex.com's services enable timely online access to over 1.2
million research reports and other investment information on over 20,000
companies published by more than 500 investment banks, brokerage firms and
third-party research providers worldwide. More than 1,000,000 individual
investors, institutional investors and financial professionals, including mutual
fund managers, portfolio managers, brokers and their clients have access to
Multex.com's services. For individual investors, Multex.com has recently
launched the Multex Investor Network (http://www.multexinvestor.com), an
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Internet service targeting the rapidly growing online individual investor
market.
About Market Guide Inc.
Market Guide Inc., the benchmark for quality financial information, is the
leader in providing the broadest coverage of professional grade financial data
over the Internet. Market Guide supplies more professional Web sites with
quality investment data than any other database and software company. Market
Guide specializes in the compilation, integration, display and delivery of a
superior quality database of descriptive and analytic information on over 12,000
publicly traded domestic and foreign corporations. Well known to professional
investors for 16 years, the company distributes its services through more than
100 on-line vendors and independent finance oriented web sites including, ADP,
AltaVista, America Online (NYSE: AOL), Ameritrade Holding Corp. (Nasdaq: AMTD),
Bridge Information Systems, Briefing.com, CNNfn, Charles Schwab & Co., (NYSE:
SCH), DBC (Nasdaq: DBCC), FactSet Research Systems, Individual Investor Group
(Nasdaq: INDI), National Discount Brokers Group (NYSE: NDB), One Source (Nasdaq:
ONES), PC Quote (Amex: PQT), Pointcast, Quote.com, Reuters (Nasdaq: RTRSY),
Telemet America, The Motley Fool, TheStreet.com (Nasdaq: TSCM), Track Data
(Nasdaq: TRAC), Wall Street Journal Interactive, Wall Street Source, Waterhouse
Securities and Yahoo! (Nasdaq: YHOO), as well as through its own web site - The
Market Guide Investment Center (http://www.Market Guide.com).
Forward-looking statements in this release are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. You are
cautioned that such forward-looking statements involve significant risks and
uncertainties. Actual results may differ materially from those in the forward-
looking statements due to a number of factors, including and without limitation:
(i) risks relating to the merger, such as risks that the proposed merger may not
be consummated, risks involved in assimilating Market Guide, risks involved in
integrating, retaining and motivating key Market Guide personnel, risks related
to integrating and managing geographically-dispersed operations, risks related
to integrating the technologies and infrastructures of the companies, and risks
related to the acceptance by Market Guide's customers of the merger; (ii) risks
inherent in Market Guide's business, such as its dependence on maintaining
relationships with key customers; (iii) the risk that Market Guide's customers
and distribution partners will not utilize any additional services of the
combined company; (iv) risks relating to the achievement by Multex.com of new
revenues from Market Guide's operations; and (v) risks relating to Multex.com's
ongoing operations as detailed in Multex.com's filings from time to time with
the Securities and Exchange Commission. Multex.com does not assume any
obligation to update the forward-looking information contained in this press
release.
SOURCE: Multex.com, Inc.