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Strands Acquires Social Money Site NetworthIQ

Second Acquisition in Personal Finance Space to Drive moneyStrands

CORVALLIS, Ore. - May 15, 2008

Strands, a leading developer of social recommendation technologies, announced today that it has acquired NetworthIQ, a social personal finance Web site that lets people track, share, and compare their net worth. Terms of the acquisition were not disclosed. This news follows Strands acquisition of money management solution Expensr and the private beta launch of moneyStrands, Strands personal finance application.

NetworthIQ was launched in 2005 to enable anyone to easily track their financial progress from a high level, and anonymously share it with the world if they choose, in order to benefit from communitys financial insights and experiences. The application enables members to compare their net worth and interact with others in the community, helping them discover new ways to track, spend, save and invest their money.

Currently in private beta testing, moneyStrands is Strands social money management solution, which allows users to aggregate their online financial information in one place, providing them with an instant snapshot of all their finances. With moneyStrands, users can anonymously compare themselves to others with similar traits, such as demographics.

Executive quote

NetworthIQ has been a pioneer in the personal finance space, allowing users to unlock the value of the community as a resource for information, inspiration, and advice, said Atakan Cetinsoy, Strands General Manager - Personal Finance Products. More than 15,000 users have already chosen to post, and in many instances share, their net worth with the community. Part of Strands vision is to use social recommendation to help people discover new content, services and products based on their tastes, and this acquisition will help us to do that in the personal finance space with moneyStrands.

About the company

About Strands

Strands develops technologies to better understand people's tastes and help them discover new things they will like. Strands has created a social recommendation engine that provides real-time recommendations of products and services through computers, mobile phones and other Internet-connected devices. The companys current offering includes the online and mobile music social recommendation tool MyStrands, and the MyStrands Social Player. In the future, this will expand to apply Strands social recommendation engine to other content areas, to help users discover new things beyond the entertainment space. The companys personal finance application, moneyStrands, is currently in private beta testing.

About NetworthIQ

Launched in 2005 by Portland, OR-based startup Fourio, NetworthIQ was inspired by the personal finance bloggers who feel liberated enough to share their net worth with the world, and Web 2.0 sites that enable users to share their lives with each other. The social personal finance tool was conceived as a place where people can track, share and compare their financial lives to discover new ways to track, spend, save and invest their money.

Contact details

LEWIS PR for Strands
Peter Gray, 415-992-4400
strands@lewispr.com

Related links

Strands

moneyStrands

NetworthIQ 


Technorati tags: Strands | moneyStrands | NetworthIQ | Expensr | personal finance | social recommendation | acquisition |

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