Financial Web site TheStreet.com buys bank rate site
Financial information company TheStreet.com, Inc. further expanded its interactive offerings by purchasing a consumer bank rate search engine operator, according to the company
In a deal worth approximately $25 million, New York-based TheStreet.com acquired Bankers Financial Products Corp. The purchase includes search engine BankingMyWay and bank rate database RateWatch.
BankingMyWay helps consumer search banking rates for CDs, savings accounts, interest checking, money markets, mortgage and home equity and auto loans at more than 50,000 bank and credit union locations. RateWatch provides pricing solutions to more than 5,700 banks and credit unions, and is also the data backbone for BankingMyWay.
“This is an accretive content acquisition that will help propel us into the leading position in the Internet consumer banking marketplace,” Chief Executive Officer Thomas Clarke said in a statement. “Adding BankingMyWay to our network is another step toward becoming the premier destination for multimedia content pertaining to all areas where money and life intersect.”
Founded in 1996, TheStreet.com produces financial news, bank ratings and investment content. The company supports its multimedia products through advertising and subscriptions. TheStreet.com’s other online products include RealMoney.com, Stockpickr.com, TheStreet.com TV, Promotions.com, and TheStreet.com Ratings.
WinmoEdge contacted TheStreetcom’s
Senior Vice President of Marketing Erika Faust, to learn more about the company’s products and marketing plans.
“We market to consumers through a variety of methods.” she said, adding that she's been in the position for about a month. “Online, we utilize search engine marketing and optimization, content syndication relationships with major portals and a variety of other traffic driving initiatives.
“We are also able to leverage offline exposure through our experts and correspondents who are leaders in the space. They are able to promote TheStreet.com through the various outlets in which they appear; for example CNN's 'Glenn Beck' show, CNBC's 'Squawk Box' or BusinessWeek magazine,” Faust said.
Faust said that the company will soon attempt to appeal more to advertisers by launching a sister Web site called MainStreet.com. The site will present news and money topics as well as social networking in “a fun and entertaining way.”
She said that in an effort to draw advertisers, in coming months the company will redesign TheStreet.com and Stockpickr.com.
In August, TheStreet.com acquired Promotions.com, a full-service online promotions agency that implements interactive promotions for brands worldwide and provides custom technology solutions for advertisers, marketers and content publishers.
“Taking in the technology that we did in this acquisition enables us to produce our Web sites in a way that attracts advertisers, thus boosting our ad revenue,” Faust said.
Faust said her biggest marketing challenge is managing all of the TheStreet.com’s projects.
”It's a good problem to have, but right now, we have so many valuable sites and products to promote that our biggest challenge is to keep ourselves disciplined about setting priorities,” Faust said, adding that agencies are “welcome to reach out to me.”
According to The List database, New York-based DeVito/Verdi has been TheStreet.com’s agency of record since 2000. New York-based dComm began handling search engine marketing this year.
Agencies should certainly reach out to Faust with ideas to help her manage and maximize all the company’s holdings. Introduce current clients seeking advertising partnerships and promotions. While the company has Web marketing under their roof, develop proposals for traditional advertising, public relations and special events that will raise consumer awareness and traffic for all its interactive offerings.
14 Wall Street
New York, NY 10005
Senior Vice President of Marketing
Chief Revenue Officer & Executive Vice President of Mergers & Acquisitions