ScreamingMedia, a provider of business and financial information and analytical tools, has announced that its board of directors approved the company's decision to change its name to Pinnacor, Inc. In connection with the name change, the company's Nasdaq National Market symbol will change to "PCOR," effective Friday, November 1, 2002. The name change highlights the company's transformed business and client base, as well as its growing presence in the financial services industry. The Pinnacor name will align the company's three core markets of Financial Services, Business Information, and Access Solutions, and combine ScreamingMedia, Stockpoint, and Inlumen names under one brand. The name change and the newly launched Web site reflect this new identity. Pinnacor serves financial institutions and enterprises; at the end of the second quarter of 2002, enterprise customers accounted for 86 percent of Pinnacor's client base, in contrast to 72 percent for the comparable period in 2001. In the Financial Services market, Pinnacor provides market data, investment analysis, and wealth management tools to financial institutions. In the Business Information market, the company delivers custom solutions including business news, competitive intelligence, and personal finance applications for corporate portals. In the Access Solutions market, Pinnacor develops customized content, messaging services, and portal applications for virtually any platform. The company's products enable wireless carriers, ISPs, iTV, and other access platform providers to drive increased usage of services and mine new revenue sources.
The company has also 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 is intended to 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 the company's financial services offering to include real-time streaming technology and advanced news alerting applications. Furthermore, the acquisition will provide additional sources of premier financial information, important new channel partnerships, and approximately 58 new customers. The transaction is valued at approximately $2.6 million and consideration is expected to be paid in a combination of cash and stock. The transaction is expected to close in November 2002.