ScreamingMedia Acquires Inlumen Inc.
ScreamingMedia, Today Renamed Pinnacor, to Acquire Assets of Inlumen Inc.
Highlights Company’s Increasing Penetration in the Financial Services Market with Addition of Quality Customers and Real-time News Processing Technology from Inlumen; Acquisition Immediately Accretive
New York, N.Y., October 29, 2002 – ScreamingMedia (Nasdaq: SCRM), a provider of business and financial information and analytical tools, today announced it has entered into a definitive agreement to acquire the operating assets of Inlumen, a provider of information and technology to the financial services industry. The acquisition – subject to customary closing conditions – will be immediately EBITDA and cash flow accretive.
The Inlumen acquisition will further advance ScreamingMedia’s market position by strengthening its financial information and applications offerings, and providing access to new customers and partners. Over time, Inlumen’s technology will be integrated into the ScreamingMedia product line, thereby enhancing ScreamingMedia’s financial services offering to include real-time streaming technology and advanced news alerting applications.
Inlumen’s customers will realize additional benefits from the acquisition by having access to ScreamingMedia’s customized investment analysis applications and goal-based financial planning tools. The combined product suite will deliver increased value to financial services firms looking to deepen customer relations and facilitate better decision-making for retail and institutional investors.
“Inlumen brings us a highly desirable set of customers, and we will provide a smooth transition for them,” said Kirk Loevner, president and CEO, ScreamingMedia. “Inlumen customers can expect to receive superior service and client support and have access to a broader set of products. We look forward to having them on board with us.”
Furthermore, the acquisition will bring ScreamingMedia additional sources of premier financial information, important new channel partnerships and approximately 58 new customers.
“This acquisition underscores our commitment to being a leading solutions provider for the financial services industry,” continued Loevner. “The combination of ScreamingMedia and Inlumen will help us generate new revenue streams and deliver increased shareholder value.”
Once completed, the acquisition is expected to increase ScreamingMedia’s total revenue derived from the sale of financial services products to approximately 70 percent. The transaction is expected to close in November 2002.
In a separate announcement today, ScreamingMedia announced that its board of directors approved the company’s decision to change its name to Pinnacor Inc. (See “ScreamingMedia Changes Name to Pinnacor” for further information.)
About ScreamingMedia (today renamed Pinnacor)
Pinnacor Inc. (Nasdaq: SCRM) is a provider of information and analytical applications to financial services companies and global corporations. Pinnacor’s unique ability to deliver a customized combination of information assets, applications and tools helps businesses build meaningful relationships and drive new revenue streams. Aligned across three key markets, Pinnacor’s solutions encompass: targeted market data, investment analysis tools and wealth management solutions for financial services firms; critical business information for the enterprise; and messaging services, portal applications and personalized content delivered to virtually any access platform. The company counts Barclays Global Investors, BP p.l.c, U.S. Bancorp Piper Jaffray, The Boeing Company, Tribune Media Services and Verizon Wireless among its clients. Headquartered in New York City, the company also has offices in San Francisco, Calif., and Coralville, Iowa. For more information, visit www.pinnacor.com.
About Marlin & Associates
Marlin & Associates (M&A) initiated this transaction and acted as exclusive advisor to Inlumen, Inc. M&A is a specialized investment banking advisory and consulting firm providing transaction advice and services to middle-market firms in the media, technology, information and business services sectors. The firm is based in New York City.