PR Newswire, the company that pioneered electronic distribution of press releases nearly 60 years ago, is sharpening its focus on IR offerings, hiring Bradley Smith to fill the newly created position of director of marketing for the company’s investor relations and compliance solutions.
Smith’s career in IR services extends back to 2000 and includes stints with NASDAQ OMX, where he was director of products and strategy in its corporate services group and director of marketing and communications at Shareholder.com, which was acquired by NASDAQ in 2006.
He most recently was chief marketing officer for MUNCmedia, a retail investor targeting firm, where he helped launch Retail Investor Conferences, an online monthly showcase for companies to reach individual investors. That service was launched in 2010 jointly between PR Newswire, BetterInvesting and MUNCmedia.
That’s not the first IR-specific offering PR Newswire has launched: in 2007 it acquired Vintage Filings, a financial printer and Edgar filing service that also provides XBRL filing capability.
IR industry reflections
Reflecting on the evolution of IR services, Smith says the practice has become more mature in its use of technology, even for small-cap stocks.
‘Twelve years ago, having an IR website was a milestone,’ he says. ‘Now, it’s de rigueur, particularly in North America were investors expect an IR website… just to verify the company is not a shill.’
But that sophistication has not yet penetrated to the micro-cap sector, which Smith describes as ‘still in the dark ages a little bit’ when it comes to use of IR websites.
The retail investor landscape has also changed over the past decade, he observes. ‘The web has made people a lot more self-directed. You see a lot more day traders, though they’re not all pump-and-dumpers.’
‘Quiver of products’
Smith sees his job at PR Newswire as helping the IR community understand his firm has ‘a whole quiver of products’ to help improve IROs’ communications with investors. ‘Our DNA is in both compliance and communications,’ he concludes.
Before NASDAQ, Smith was a director of marketing communications at InfiMed, a Syracuse, New York-based medical digital imaging company. He has served on advisory boards and is a member of NIRI, a graduate of SUNY Potsdam College and studied advertising and design at Manhattan’s School of Visual Arts.
Smith is a keen user of social media and can be found tweeting for PR Newswire at @IRandCompliance.
