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SocialPicks acquired by SocialInSight
May 02, 2012 (06:05 PM EDT)
Purchase is part of plan to kickstart trusted online investing community
NEW YORK, May 2, 2012 /PRNewswire-iReach/ -- Manhattan-based company SocialInSight has acquired SocialPicks (www.socialpicks.com), an online community positioned at the intersection of social media and investing. SocialInSight purchased SocialPicks from FinancialContent Services for an undisclosed amount. The deal includes a formal partnership between the two companies.
SocialInSight helps online consumers leverage social media to improve investing performance and has plans to provide financial institutions with social business performance tools.
"We believe that the acquisition of SocialPicks will accelerate the adoption of our social investing tools by capitalizing on a trusted brand that is already familiar to online traders and investors," said Jeff Tompkins, CEO of SocialInSight.
"We are confident that SocialInSight has the expertise and experience to realize the vision of making SocialPicks the online investment community with the best tools and interface to leverage the collective knowledge of its members," added Wing Yu, CEO of FinancialContent.
FinancialContent (www.financialcontent.com) is a leading business-to-business provider of stock market data, business news and content syndication services. They serve over 250 publishers and deliver more than 300 million widgets and web pages a month.
SocialInSight will begin immediate private testing of several new social investing apps with members of the SocialPicks online community and has plans to re-launch the site this fall. SocialPicks established itself as one of the largest and fastest growing social investing communities. As a forerunner of the 2007 Y-combinator class, SocialPicks received $500k in Series A funding from Bay Partners that same year. FinancialContent acquired SocialPicks in 2009.