RealTime IT News

Wit Capital Partners with AOL

America Online signed a deal making online investment banking firm Wit Capital Inc. the first company to provide information in AOL's new After Hours Center.

Wit Capital's facility provides access to after-hours online trading through participating online brokerages. Financial specifics were not disclosed.

Under the agreement, for the first six months after launch, Wit Capital's site will be the exclusive tenant on the AOL After Hours Center, which will launch this fall in AOL's Personal Finance Channel.

The After Hours Center will provide AOL members with information about the ability to trade stocks after normal market hours and will promote Wit Capital's site, where members will have access to trading through participating online brokerages.

In addition to the content relationship, AOL will introduce and promote a series of live chat events in AOL's Personal Finance Channel with Wit Capital's Jonathan Cohen as well as other Wit Capital research analysts, and also provide free access to Wit Capital's research.

Wit Capital said it will leverage the AOL Interactive Marketing sales force to build advertising and sponsorship opportunities on certain Wit Capital sites, and AOL will share in the advertising revenues.

"This agreement brings together two Internet leaders to make brand new financial services available to AOL members," said Ronald Readmond, Wit Capital's president and co-chief executive officer.

"By working with Wit we expect to be at the forefront of this rapidly evolving extended hours space," said Rob Shenk, director of AOL's Personal Finance Channel.