New York-based SocialInSight has acquired SocialPicks, an online social community focused on investing. Terms of the deal were not released. SocialInSight purchased SocialPicks from FinancialContent Services. SocialPicks was backed by $500,000 in Series A funding from Bay Partners.
Manhattan-based company SocialInSight has acquired SocialPicks (www.socialpicks.com), an online community positioned at the intersection of social media and investing. SocialInSight purchased SocialPicks from FinancialContent Services for an undisclosed amount. The deal includes a formal partnership between
the two companies.
SocialInSight helps online consumers leverage social media to improve
investing performance and has plans to provide financial institutions
with social business performance tools.
“We believe that the acquisition of SocialPicks will accelerate the
adoption of our social investing tools by capitalizing on a trusted
brand that is already familiar to online traders and investors,” said
Jeff Tompkins, CEO of SocialInSight.
“We are confident that SocialInSight has the expertise and experience
to realize the vision of making SocialPicks the online investment
community with the best tools and interface to leverage the collective
knowledge of its members,” added Wing Yu, CEO of FinancialContent.
FinancialContent (www.financialcontent.com) is a leading
business-to-business provider of stock market data, business news and
content syndication services. They serve over 250 publishers and
deliver more than 300 million widgets and web pages a month.
SocialInSight will begin immediate private testing of several new
social investing apps with members of the SocialPicks online community
and has plans to re-launch the site this fall. SocialPicks established
itself as one of the largest and fastest growing social investing
communities. As a forerunner of the 2007 Y-combinator class,
SocialPicks received $500k in Series A funding from Bay Partners that
same year. FinancialContent acquired SocialPicks in 2009.