Verticality extends congratulations to the entire BigCharts team which has created an enterprise of such tremendous value to its customers, investors and partners. It also extends congratulations to the CBS.MarketWatch.com for recognizing the value and potential inherent in the BigCharts organization.
``The partners at Verticality were instrumental to the success of BigCharts." said Philip D. Hotchkiss, President and CEO, BigCharts Inc. ``Not only did they invest much needed capital to grow our business, but they helped us establish strategic relationships, gave us sound business advice and gave us product feedback that made a fundamental impact on our business. I have the highest regard for the partners of Verticality and would recommend them to any early-stage entrepreneur."
The acquisition, which has been approved by both companies' Boards of Directors, is subject to customary conditions including approval by BigCharts' stockholders. The deal is expected to close within 30 to 60 days. BigCharts, Inc. will retain its key management and be operated as a wholly owned subsidiary of MarketWatch.com, Inc. In addition to continuing to serve as BigCharts' President and CEO, Philip Hotchkiss will join MarketWatch.com's Board of Directors.
About BigCharts, Inc.
BigCharts, Inc., based in Minneapolis, is a leading provider of licensed online financial charting content to electronic brokers, financial publishers and portals. Based on Media Metrix data, its Internet site, BigCharts.com, is one of the most popular financial destination sites on the web. It receives critical acclaim for design, ease of use and depth of functionality. In addition, the company designs, produces and markets interactive financial charting products to institutional clients in the online brokerage, online publishing, Internet portal, and online Finance industries.
About Verticality Investment Group
VIG is a venture capital management company that focuses on investments in private technology companies, particularly those involved in software development concentrating on finance, the Internet, programming tools, development environments, distributed object systems and programming languages. VIG was formed by Hadar Pedhazur, Ronny Apfel, and Sholem Greenbaum, experienced in Wall Street, technology and real estate ventures.
SOURCE: Verticality Investment Group