Monday, April 7, 2008
Very exciting news for us this morning. We won a major contract with Capital IQ last year to provide them with unique web content for their financial information service and their new system is live today.
"FIRSTRAIN PARTNERS WITH CAPITAL IQ TO DELIVER UNIQUE WEB DATA TO 2200 FINANCIAL INSTITUTIONS Search-Driven Research Integrates a Broader Perspective from across the Open Web, including Blogs, into the Capital IQ Financial Information Service"
This is a first on two fronts
- first time any major financial platform has integrated web search results
- first time FirstRain has licensed web results to a distribution partner
We’re providing a feed of web results categorized by company and major business topics so that Capital IQ customers can see web content by ticker. This will include a broad search from across the open web including source types that are increasingly important to the buy-side like blogs and local newspapers (see the recent research paper on how blogs move stocks). And we've integrated some of their news feeds into the flow so that the categorization and de-duping is consistent across all their news sources.
The content will be branded as powered by FirstRain – which is important for us as we build our reputation in the industry. Capital IQ customers will get the value of bringing web content into their research process and then, if they want personalization or analytics like management turnover, they’ll come to us to get a specific configuration for their investment topics.
Seung Bak from Capital IQ and I have been talking to press and blog writers for a couple of days telling the story of the value our mutual customers can derive from this partnership. Here’s the link to the press release and Randy Winn's quote.
And a fun side story to this is how we found each other. Capital IQ had already decided to integrate web content early last year and were talking to a number of potential vendors – but not FirstRain because they did not know much about us. In a lucky break (and the reason a CEO should always accept panel invitations) Tim Walker of Capital IQ moderated a panel I was on at the AQ Research Conference in New York last April. After the panel he came up to me and said we should come in and meet his product team – we did a few weeks later - and the rest is history. This was a highly competitive situation and a win we worked hard for though. We set out to show our potential partner not only how powerful our underlying system and technology is, but also what we’d be like as a company and management team (and especially important as a product team) to do business with - and we were thrilled to win the business.