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.