Parent US site TheStreet.com announced the closure of its UK site earlier this month following predictions that it would lose $16m (£11.23) before reaching a break-even point.
Freequotes, a subsidiary of UK portal themutual.net, provides free real-time stock quotes in the UK. The company said it would pay £226,000 for TheStreet.co.uk’s customer database, which is estimated to have cost £10m to compile.
Simon Wajcenberg, joint managing director of themutual.net, said TheStreet.co.uk had 180,000 registered subscribers, of which 100,000 have given permission to have their information passed on to other parties. These 100,000 people will be invited to register for themutual.net. If they chose to register, they will receive 1000 shares in the portal.
‘TheStreet has a membership base which closely matches the profile of Freequotes’ core audience,’ said Wajcenberg. ‘It is our belief that the acquisition will make Freequotes profitable in the near future.’
Freequotes, which launched in July 1999, said that unlike many internet companies that are ‘suffering in the present market climate’, it has benefited from a model which acquires its membership virally through free shares for registration and ‘not high cash-burn advertising’.
‘Themutual.net will snap up any opportunity to make further acquisitions to build its membership base and consolidate its current market position,’ said Wajcenberg.
TheStreet.co.uk site closed on 17 November with a loss of 64 staff.
This article first appeared on vnunet.com
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