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PaineWebber widens Net
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March 3, 1999: 10:06 a.m. ET
Securities firm buys 25% of Kingland, a Web financial services provider
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NEW YORK (CNNfn) - Looking to cast a wider Net, securities titan PaineWebber Group Inc. said Wednesday it agreed to acquire 25 percent of Kingland Cos. Ltd., a financial services sector Internet provider.
Terms of the deal weren't disclosed.
"We recognize the growing importance of the Internet, and with this transaction we are further accelerating the development of PaineWebber's online capabilities to meet the needs of our clients," said Donald B. Marron, PaineWebber chairman and CEO.
Kingland develops and markets a range of browser-based solutions for the brokerage, insurance and banking industries. Kingland has developed retail automation systems for such companies as BankAmerica (BAC) and Wachovia (WB), as well as on-line trading systems for Wit Capital and other e-brokerage firms.
The deal is the latest step in a relationship between New York-based PaineWebber (PWJ) and Mason City, Iowa-based Kingland Cos., the parent of Kingland Systems Corp.
In 1997 the companies jointly developed a browser-based software solution that enables PaineWebber to link front-end broker interfaces to its systems.
Robert H. Silver, PaineWebber's director of operations, service and systems, will join the Kingland board.
PaineWebber shares were unchanged at 37 in early morning trading Wednesday. 
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