NEW YORK--(BUSINESS WIRE)--TheStreet.com, Inc. (NASDAQ: TSCM), a leading financial media company, today announced that it has made a strategic investment in Geezeo, a leader in Web-based personal finance, as it continues its expansion within the money category.
Geezeo combines free, easy-to-use online personal finance tools with the power of social networking to provide the resources and motivation consumers need to achieve their financial goals. Geezeo allows users to instantly and automatically track bank accounts and credit card balances, as well as investments, mortgages, student loans and auto loans. The Geezeo platform connects to more than 6,000 financial institutions and boasts bank-level security precautions to ensure the safety of user data.
In addition to giving users a single platform to access all of their financial information, Geezeo offers a tagging functionality that makes it easy to create budgets, track spending, set financial goals and interact with a community dedicated to improving financial habits.
“Geezeo is a natural place for visitors to the individual Web sites within TheStreet.com network to connect,” said Thomas J. Clarke, Jr., chairman and CEO of TheStreet.com. “Whether they are visiting TheStreet.com for market analysis, Stockpickr.com for stock ideas, BankingMyWay.com for the best online bank rates for CDs, savings accounts, interest checking, money markets etc., or MainStreet.com for personal finance information, Geezeo brings our audience together in an interactive arena that facilitates educated financial decision making.”
In addition to allowing users to create customizable budgets, charts and e-paper trails on their spending habits, Geezeo also gives its users the ability to “know on the go” with rich mobile functionality. Geezeo users can instantly find out anything from how much money they have in their checking accounts to how much they have spent on coffee this month with a simple text message.
Since going live in 2007, Geezeo has been recognized by CNN, The Wall Street Journal, Newsweek and The Washington Post for its innovation in combining social networks and personal finance. Currently, there are more than 100 online discussion groups taking place around life events and more than 1,000 community-based financial goals being tracked at the site. Geezeo has become a place where consumers can go and immediately start making better financial decisions.
“Our main focus at Geezeo has always been to provide people with a fun, free and easy to use personal finance solution,” said Geezeo co-founder Shawn Ward. “We are pleased to be in TheStreet.com’s growing network of Web sites as we align in the common goal of providing consumers with the tools and support they need to better manage their finances.”
TheStreet.com expects the partnership to drive traffic, revenue and user engagement, while further positioning the company as a superior destination for all things related to money.
TheStreet.com’s investment in Geezeo includes an initial investment of $1.2 million for an approximate 13% interest in Geezeo and the option to purchase the company based on an equity value of $12 million at any point over the next year.
About TheStreet.com, Inc.
TheStreet.com is a leading financial media company. It engages audiences on video and digital platforms through some of the Web’s best known sites: TheStreet.com, RealMoney.com, Stockpickr.com, BankingMyWay.com, MainStreet.com, Rate-Watch.com and Promotions.com. Through this network, the company produces and distributes content in all areas where life and money intersect to inform, engage and activate one of the most affluent, influential audiences on the Web today.
Geezeo (www.geezeo.com) is a social finance company that combines free, easy-to-use online personal finance tools with the power of social networking to provide the resources, information and motivation consumers need to achieve their financial goals. In May 2007, Geezeo became the first company to offer users access to all of their account balances via SMS text message. In October 2007, Geezeo became the first company with the ability to aggregate all of a customer’s financial data on to a single platform.
Forward Looking Statements
Statements contained in this news release not related to historical facts may be deemed forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties (described in the Company’s SEC filings) that could cause actual results to differ.