Marketwired

Last updated
Marketwired
Subsidiary
IndustryNews dissemination
Founded1982 (as Canadian Corporate News)
Headquarters,
Canada
Area served
Canada, United States, United Kingdom, Europe, Asia, and Latin America
Key people
Adnan Ahmed (President and Chief Executive Officer)
ServicesOnline press release and content distribution. Social media monitoring and research.
Owner West Corporation
Number of employees
300+
Subsidiaries Sysomos
Website marketwired.com

Coordinates: 43°38′36″N79°22′51″W / 43.64328°N 79.380854°W / 43.64328; -79.380854 Marketwired was a press release distribution service headquartered in Toronto, Ontario, Canada. It was founded in 1993 and incorporated in the U.S. in 1999. In 2018, it was merged into GlobeNewswire.

Geographic coordinate system Coordinate system

A geographic coordinate system is a coordinate system that enables every location on Earth to be specified by a set of numbers, letters or symbols. The coordinates are often chosen such that one of the numbers represents a vertical position and two or three of the numbers represent a horizontal position; alternatively, a geographic position may be expressed in a combined three-dimensional Cartesian vector. A common choice of coordinates is latitude, longitude and elevation. To specify a location on a plane requires a map projection.

Toronto Provincial capital city in Ontario, Canada

Toronto is the provincial capital of Ontario and the most populous city in Canada, with a population of 2,731,571 in 2016. Current to 2016, the Toronto census metropolitan area (CMA), of which the majority is within the Greater Toronto Area (GTA), held a population of 5,928,040, making it Canada's most populous CMA. The city is the anchor of the Golden Horseshoe, an urban agglomeration of 9,245,438 people surrounding the western end of Lake Ontario. Toronto is an international centre of business, finance, arts, and culture, and is recognized as one of the most multicultural and cosmopolitan cities in the world.

Ontario Province of Canada

Ontario is one of the 13 provinces and territories of Canada. Located in Central Canada, it is Canada's most populous province accounting for 38.3 percent of the country's population, and is the second-largest province in total area. Ontario is fourth-largest jurisdiction in total area when the territories of the Northwest Territories and Nunavut are included. It is home to the nation's capital city, Ottawa, and the nation's most populous city, Toronto, which is also Ontario's provincial capital.

Contents

Corporate history

Marketwired was founded as Internet Wire in October 1994 by PR agency owner Michael Terpin and online marketer Michael Shuler in Los Angeles, California, United States. It received $17.5 million in venture capital in January 2000. [1] The company changed its name to Market Wire in April, 2003, after making a partnership with NASDAQ, where its services would be recommended to listed companies. [2]

Los Angeles City in California

Los Angeles, officially the City of Los Angeles and often known by its initials L.A., is the most populous city in California; the second most populous city in the United States, after New York City; and the third-most populous city in North America, after Mexico City and New York City. With an estimated population of nearly four million people, Los Angeles is the cultural, financial, and commercial center of Southern California. The city is known for its Mediterranean climate, ethnic diversity, Hollywood, the entertainment industry, and its sprawling metropolis.

California U.S. state in the United States

California is a state in the Pacific Region of the United States. With 39.6 million residents across a total area of about 163,696 square miles (423,970 km2), California is the most populous U.S. state and the third-largest by area. The state capital is Sacramento. The Greater Los Angeles Area and the San Francisco Bay Area are the nation's second- and fifth-most populous urban regions, with 18.7 million and 9.7 million residents respectively. Los Angeles is California's most populous city, and the country's second-most populous, after New York City. California also has the nation's most populous county, Los Angeles County, and its largest county by area, San Bernardino County. The City and County of San Francisco is both the country's second-most densely populated major city after New York City and the fifth-most densely populated county, behind only four of the five New York City boroughs.

In 2000, a former employee of Internet Wire used the service to perpetrate an insider trading scam. He shorted Emulex stock, then published a fraudulent press release reporting problems at Emulex Corporation, which lost 62 percent of its value in morning trading. He was found out by the FBI and sentenced to 44 months in prison. [3]

The Emulex hoax, an instance of securities fraud, was perpetrated by 23-year-old Mark Jakob on August 24, 2000.

In 2006, Marketwired (then known as Marketwire) was acquired by CCNMatthews, a 25-year-old news distribution company in Canada. The company adopted the name Marketwire unilaterally. At that point, it was majority-owned by OMERS Private Equity, [4] which manages the private equity activities of OMERS Administration Corporation, a Canadian pension fund. The company's history can be traced back to 1957.

The Ontario Municipal Employees Retirement System (OMERS) is a pension fund created by statute in 1962 to handle the retirement benefits of all local government employees in the Canadian province of Ontario. It has become one of the largest institutional investors in Canada. As of December 2018, OMERS had 97 billion Canadian dollars in net investment assets. OMERS serves 1,000 participating employers and almost half a million active, deferred and retired employees. OMERS members are employed by municipalities, school boards, transit systems, electrical utilities, emergency services and children's aid societies.

In July 2010, Marketwire acquired Sysomos, a social monitoring and analytics service, offering customers the ability to track their social presence across sites like Facebook and Twitter. [5]

Sysomos

Sysomos Inc. is a Toronto-based social media analytics company owned by Outside Insight market leaders Meltwater.

In October 2011, Marketwire filed a lawsuit accusing PR Newswire of trying to steal confidential information and trade secrets, seeking at least $25 million in damages. [6]

PR Newswire is a distributor of press releases headquartered in New York City. The service was created in 1954 to allow companies to electronically send press releases to news organizations, at first using teleprinters. The founder, Herbert Muschel, operated the service from his house in Manhattan for approximately 15 years. The business was eventually sold to Western Union and then United Newspapers of London. In December 2015, Cision Inc. announced it would acquire the company.

In April 2013, Marketwire re-branded, changing its name to Marketwired and introducing the tagline "The power of influence" with an updated logo. [7]

In February 2016, MarketWired was acquired by Nasdaq, Inc. [8]

In January 2018 Nasdaq's public relations business lines were acquired by West Corporation. Marketwired was merged into GlobeNewswire. [9]

See also

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References

  1. "Internet Wire Launches Second-Generation Internet- Based Company News Service; Raises $17.5 Million First Round, Led By Sequoia Capital & Hummer Winblad Venture Partners". Market Wire. 2005.
  2. http://www.thefreelibrary.com/Renamed+Market+Wire+looks+to+Nasdaq+deal+to+boost+Business.+(Media+&...-a0101531967
  3. "Defendant in Emulex Hoax Sentenced": Securities and Exchange Commission, Litigation Release No. 17094, August 8, 2001.
  4. OMERS Private Equity
  5. "Marketwire Acquires Sysomos". Marketwired. Retrieved 24 June 2016.
  6. "Stop the press releases! PR Newswire sued by rival". Reuters. October 26, 2011.
  7. "Marketwire Rebrands, Names Delaney COO, Former Yahoo VP As CTO". MediaPost. April 2, 2013. Retrieved April 3, 2014.
  8. "Nasdaq to Acquire Marketwired" (Press release). Nasdaq, Inc. February 12, 2016.
  9. "West Corporation Agrees to Acquire NASDAQ'S Public Relations Solutions and digital Media Services Businesses - NASDAQ.com". NASDAQ.com. Retrieved 2019-06-07.