RealTime IT News

Hoover's Takes Stake in Filing Provider

Hoover's Inc. Thursday announced it has made a significant investment in 10K Wizard Technology LLC, a provider of filings made with financial regulators.

Financial details was not disclosed.

Hoover's, which is the operator of Hoover's Online business portal, said it made the purchase to capitalize on 10K Wizard's full-text search engine.

Hoover's Online will integrate 10K Wizard's proprietary text search technology into several online areas, including Securities and Exchange Commission searches, while 10K Wizard will provide its user base with ready access to Hoover's content and tools.

Further, Hoover's will offer the 10K Wizard tools to its customers through syndication. Hoover's Online additionally will become the exclusive advertising sales and business development representative for 10K Wizard, and has acquired the right to purchase the rest of the company.

10K Wizard currently deploys this technology through its Web site, which offers free, full-text, real-time searches of the SEC's entire EDGAR database of corporate financial information.

As part of the agreement, 10K Wizard is expected to develop more technology tools to spider, index and search large bodies of information in HTML and other formats.

The relationship is mutually beneficial, according to Martin Zacarias, chief executive officer, 10K Wizard.

"This investment and strategic alliance will help us continue to build and grow our technological capabilities," he said. "Our audience demographic is similar to that of Hoover's Online -- businesspeople who see SEC filings as a source of competitive intelligence and insight.

"To the extent that each company can augment the other's high- quality business services and information, our users will have the additional timely and reliable business intelligence that counts."