Multex.com held more than a million research reports from over 400 banks and brokerages. For decades that research had traveled by fax and courier to big money managers, and small investors rarely saw it. Multex put it on the web, selling reports one at a time or by subscription. In March 1999, with millions of Americans trading online, the New York company went public promising to give the little investor the same reading list as a fund manager.

From Fax Machines to the Web

Isaak Karaev co-founded the company in April 1993 as Multex Systems. It began by delivering research electronically from brokerage firms to institutional investors, replacing piles of paper. As the web spread, Multex opened the same library to individuals through Multex.com. By the IPO, more than 600,000 investors and financial professionals had access to its services, and its library held reports from more than 400 firms.

Reuters Buys the Library

Multex.com sold 3 million shares at $14 each in March 1999, raising $42 million, and listed on Nasdaq as MLTX. The stock rode the online trading boom and then fell with it when the bubble burst. In February 2003 Reuters agreed to buy Multex.com for $7.35 a share in cash through a tender offer. The deal closed in March 2003.

Cover: Royal Exchange, Wenceslaus Hollar. Art Institute of Chicago, public domain. Chosen for the Royal Exchange (Wall Street research).