Actifunds Corporation Acquires Easyware Software, Inc.
November 9, 2000 -
Combined Companies Become the Leading Provider of Products for All
CAMBRIDGE, MA, November 9, 2000 -- Actifunds Corporation(
www.actifunds.com) today announced an
agreement to acquire EasyWare Software, Inc. (
San Jose-based developer of investment club products and accounting software.
For the past ten years, EasyWare has been the sole provider of desktop
investment club accounting for the National Association of Investors
Corporation (NAIC), a non-profit organization dedicated to investment
education for personal investors and investment clubs. In addition, EasyWare
provides the official NAIC Web-based platform for investment club accounting
and community development. The NAIC has over 637,000 individual and investment
Actifunds is a leading provider of Web-based group financial products for
online brokers and financial communities. Under the terms of the agreement,
Actifunds will acquire all of the issued and outstanding stock of EasyWare
Software, Inc. EasyWare will become a wholly owned subsidiary of Actifunds
Corporation. The acquisition makes Actifunds the leading provider of
investment club products.
"Due to the opportunities they provide for collaboration and education,
investment clubs have become a preferred method of online investing for over
1.2 million people nationwide," said Robert Brooker, Co-founder and Chairman
of Actifunds. "The acquisition of EasyWare Software strengthens Actifunds'
product offering and allows us to work more closely with the 36,000 clubs
already using EasyWare's software, representing over 500,000 investors whose
portfolios average over $250,000 each. By combining our efforts, we can more
effectively leverage the Internet to make group investing easier and more
profitable for club members."
"We are excited to join Actifunds," said Tim Connelly, CEO of EasyWare
Software. "By combining their technology and innovative concepts for building
community with our extensive experience in investment club accounting, we are
poised to offer the best solutions for personal investors."
About Investment Clubs
Investment clubs are legal partnerships typically composed of 10 to 15
individuals who pool their knowledge and money to jointly invest. Investment
clubs offer group education and collaboration opportunities for personal
investing. A preferred method of online investing for over 2.5 million
people worldwide, the number of investment clubs in existence has quadrupled
over the past six years and continues to grow rapidly. Club holdings in the
US alone are over $10 billion, with $270 billion in additional securities
owned by individual US club members.
About EasyWare Software
Founded in 1990 and located in San Jose, CA, EasyWare Software is the sole
provider of Web-based and standalone club accounting software to the National
Association of Investors Corporation (NAIC). Over 36,000 investment clubs,
representing more than 500,000 NAIC investors, currently use EasyWare's
About Actifunds Corporation
Actifunds is a leading provider of group financial products to financial
institutions and online communities. With Actifunds, investment clubs, online
brokers and financial communities empower investors to communicate and
collaborate with others on investing decisions. The Actifunds patented online
platform provides investment club members with real-time portfolio tracking
and accounting, public and private forums, secure voting and trading. Founded
in February 2000, Actifunds is based in Cambridge, MA.