TheStreet Completes Acquisition of BoardEx
Pairs The Deal with the Leading Relationship Capital Management Service
NEW YORK, Nov. 3, 2014 /PRNewswire/ -- TheStreet, Inc. (NASDAQ: TST) today announced it completed its acquisition of Management Diagnostics Limited, the developer of the leading relationship capital management service BoardEx. The Company paid approximately $21 million in cash, as the Company assumed net working capital and acquired cash as part of the purchase, with an agreed purchase price of $22.5 million. In addition, an earn-out may be payable in 2018 based on 2017 net revenue of BoardEx's existing products and services, subject to adjustment.
BoardEx will be integrated into The Deal, a business unit of TheStreet that serves corporate dealmakers with the most sophisticated analysis of mergers and acquisitions, private equity and restructuring. BoardEx's proprietary people data will be combined with The Deal's newsroom and transaction data, allowing subscribers to easily network with the very people they read about in The Deal's exclusive editorial content.
"This combination accelerates TheStreet's transformation from purely serving retail investors to becoming an indispensable data, news and information source for Wall Street firms. The Deal's stature as the most informative, in-depth source for deal professionals is without parallel, and the BoardEx database doubles the utility of our current platform," said Elisabeth DeMarse, President, Chairman and CEO of TheStreet. "The acquisition of BoardEx advances the strategic objectives of TheStreet by increasing both institutional content and subscribers. BoardEx's marquee customer base provides a lucrative, predictable, recurring revenue stream with high renewal rates," concluded DeMarse.
About TheStreet
TheStreet, Inc. is a leading independent digital financial media company providing business and financial news, investing ideas and analysis to personal and institutional investors worldwide. The Company's portfolio of business and personal finance brands include: TheStreet, RealMoney, RealMoney Pro, Stockpickr, Action Alerts PLUS, Options Profits, MainStreet and RateWatch. To learn more, visit www.thestreet.com. The Deal, the Company's institutional business, provides intraday coverage of mergers and acquisitions and all other changes in corporate control. To learn more, visit www.thedeal.com.
About The Deal
The Deal is a media and data company providing over 45,000 users with extensive coverage of M&A, private equity, restructuring, activism and ECM. As the No. 1 provider of deal intelligence in North America, law firms, investment banks, hedge funds and private equity firms rely on The Deal's analysis of potential and announced transactions for business development and research. The Deal is the institutional arm of TheStreet, Inc. and has offices in New York, London, Washington, D.C. and Petaluma, CA. For more information, visit www.thedeal.com.
About BoardEx
BoardEx is the global leader in relationship capital management. BoardEx supports its research efforts to provide clients with a highly accurate database that can be used in critical business applications. BoardEx operates worldwide from its offices in London, New York and Chennai, India. More information about BoardEx is available at www.corp.boardex.com.
Forward-Looking Statements
This press release contains forward-looking statements related to TheStreet, The Deal, MDL, the consummation of the acquisition of BoardEx and the potential benefits of the acquisition. Actual events or results may differ materially from those contained in the forward-looking statements due to risks, uncertainties and assumptions. These risks and uncertainties include, but are not limited to, risks associated with: our ability to successfully integrate BoardEx and its technology and personnel following the closing of the acquisition; execution of our plans and strategies for the combined operations, including with respect to The Deal products and features; demand for these enhanced products and services; conducting operations in India and other important factors that could cause the results of the acquisition to differ materially from those contained in our forward-looking statements. Please refer to the documents TheStreet files from time to time with the SEC, including TheStreet's most recent Form 10-K and Form 10-Qs and the Form 10-Q TheStreet will file for the quarter ended September 30, 2014. These SEC filings contain and identify important factors that could cause the results of the acquisition to differ materially from those contained in the forward-looking statements. Although TheStreet believes that the expectations reflected in the forward-looking statements are reasonable, TheStreet cannot guarantee future results, levels of activity, performance, or achievements. TheStreet is under no duty to update any of the forward-looking statements after the date of this press release to conform to actual results.
CONTACT:
John Ferrara
Chief Financial Officer
TheStreet, Inc.
212-321-5234
[email protected]
Erica Mannion
Investor Relations
Sapphire Investor Relations, LLC
415-471-2700
[email protected]
Emily Scheer
Public Relations Manager
TheStreet, Inc.
212-321-5521
[email protected]
SOURCE TheStreet, Inc.
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