Move Advances Development of Merrill Lynch's Internet Platform for Investors
NEW YORK, Feb. 19 /PRNewswire/ -- In a move to enhance its Internet
platform, Merrill Lynch & Co. today announced that it has signed a definitive
agreement to purchase the assets of D.E. Shaw Financial Technology, L.P.
(DESoFT), a developer of Internet technology for financial institutions.
Terms of the transaction, which is subject to certain regulatory and other
conditions, were not disclosed. The agreement is expected to close by the end
of the first quarter.
DESoFT, an indirect subsidiary of D.E. Shaw & Co., L.P. located in
Cambridge, Mass., has been a pioneer in developing real-time, online trading
and sophisticated database applications.
"The acquisition of DESoFT underscores Merrill Lynch's commitment to
providing our clients with a total financial relationship," said Vice Chairman
John L. Steffens, head of the Merrill Lynch Private Client Group.
"We are delighted that the combined technology talent of DESoFT and
Merrill Lynch will be working together to define the future of financial
services on the Internet and enable clients to take full advantage of the
rapid innovations now taking place. The combination of a premier Internet
site, a full spectrum of products and services, and the unmatched guidance of
our Financial Consultants is the ultimate marriage of technology and human
wisdom," Mr. Steffens added.
The acquisition of DESoFT's Internet technology and software development
group, combined with the existing capability of Merrill Lynch's Private Client
technologists, will accelerate development of a collaborative platform for
investors bringing together cutting-edge technology and human wisdom.
"We are gratified that the world's largest securities firm has chosen
DESoFT technology as the core of its Internet presence and capabilities," said
David Shaw, chairman of D.E. Shaw & Co., Inc. "The DESoFT development team
and state-of-the-art technology will dramatically enhance Merrill's online
resources."
Merrill Lynch Online (MLOL), an Internet-based service that provides
round-the-clock connection to Merrill Lynch, will combine the full power and
convenience of the Internet with the time-tested advice of Merrill Lynch
investment professionals to deliver unmatched value to clients.
Through MLOL, clients can: access account information, view statements,
transfer funds between accounts, pay bills, read Merrill Lynch research, check
stock and mutual fund prices, chart securities, receive e-mail on topics of
interest, monitor Dow Jones Online news and shop at Merrill Lynch's eCommerce
Merchant Center.
Client-order entry for securities and mutual funds will be introduced for
the company's Financial Advantage and Asset Power fee-based client accounts
within the next several weeks.
MLOL, recently named best "full service" financial site by Financial Net
News currently has more than 400,000 clients with household assets of
$320 billion.
Separately, Merrill Lynch announced that, given the overwhelming success
of the firm's free research trial http://askmerrill.com, a second version will
be released on March 1. Details about the trial, which was scheduled to end
on February 28, 1999, will be announced shortly.
SOURCE Merrill Lynch & Co., Inc.
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Related links:
http://askmerrill.com
Company News On-Call:
http://www.prnewswire.com/comp/555800.html or fax,
800-758-5804, ext. 555800
CONTACT:
Bobbie Collins, 212-449-7282, or
bcollins@exchange.ml.com, or Susan Thomson, 212-449-2004, or
sthomson@exchange.ml.com, both of Merrill Lynch
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