Internet portal AltaVista said yesterday it will purchase the financial services Web site Raging Bull, a move designed to allow AltaVista to challenge a similar financial site of rival portal Yahoo.
AltaVista, owned by CMGI, will acquire Raging Bull in a stock-for-stock exchange. Spokesmen for both companies, which are privately held, declined to divulge financial details of the purchase.
"We are gaining a world-class financial community service in Raging Bull," Rod Schrock, AltaVista's chief executive officer, said in a telephone interview yesterday. "Combined with the AltaVista Live! Money channel, we now have the industry's best financial portal. We believe we offer a better financial portal than Yahoo!Finance or any other service."
Raging Bull has more than 1.7 million unique users who participate in almost 10,000 discussion boards, the companies said. AltaVista's global Internet network reported more than 40 million users and 1.6 billion page views worldwide in October, the companies said.
Raging Bull offerings include message boards that are becoming an increasingly popular feature for users, Stephen Killeen, chief executive officer of Raging Bull said .
"We allow millions of people to come together about the thing they are passionate about -- finance," Killeen said. "We combine stock quotes, message boards, charts and editorial content."
Raging Bull will maintain its Ragingbull.com site while integrating its content into the AltaVista Live! Money channel, which is the first channel to debut on the recently unveiled AltaVista Network, the companies said.
The integration of the Web sites has already begun, with new services to added next year, AltaVista's Schrock said.