ShareChat delighted to be bought

The sharemarket information website ShareChat is toasting its acquisition by the Australian company Iguana2.

The sharemarket information website ShareChat is toasting its acquisition by the Australian company Iguana2.

Iguana2 is majority owned by the business software and services company Solution 6 Holdings and offers sharemarket information services companies as large as Telecom and the BNZ. Like ShareChat, has its roots in New Zealand - the original Iguana was founded in Wellington by current COO Adam Rands.

ShareChat managing director Ben Dutton, who founded his company in August 1999 with Will Bryant, declared himself "delighted" by the sale.

"Even though we have only been operational for less than two years, ShareChat has established itself as New Zealand's top destination on the web for sharemarket investors," Dutton says. "This acquisition will result in significant operating synergies between ShareChat and Iguana2, enabling us to launch better services for our consumer and corporate clients."

ShareChat recently moved into providing investor relations services and says it "makes sense" to work with Iguana2 in providing those services.

Rand says ShareChat offers his company "an excellent platform on which we can sell consumer products to New Zealand investors. We are also very interested in ShareChat's new Investor Relations products, which complement our own offerings."

Enhancements coming to the ShareChat website include a new sharemarket data platform and an Australian version of the site.

Both men cite ShareChat's success as proof that internet-based business can be viable with prudent management and hard work.

Meanwhile, Iguana customer the New Zealand Herald Online's StockWatch service has announced it will no longer be providing real-time price information.

Finance product manager Cliff Mail said in a message to subscribers this week that "feedback from both users and commercial supporters of the site" was that the majority did not require real-time price information.

The take-up of both its Premium service and QuickTrade online trading service "has not been sufficient to maintain these services long-term," he said.

From June 1 QuickTrade and Premium services will be discontinued. QuickTrade account holders will be able to continue online trading through Direct Broking. Free delayed Australian quotes will be available on StockWatch from that date.

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