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Nonprofit NAIC acquires software developer as for-profit arm.

Publication: Crain's Detroit Business
Publication Date: 22-JUN-09 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Nonprofit NAIC acquires software developer as for-profit arm.(National Association of Investors Corp)

Article Excerpt
Byline: SHERRI BEGIN WELCH

The National Association of Investors Corp. has acquired a Massachusetts-based investment software developer to broaden its product offerings to investment clubs and individual investors around the country.

Madison Heights-based NAIC, which does business as BetterInvesting, will continue to operate as a nonprofit, with Iclubcentral Inc. operating as a for-profit subsidiary.

BetterInvesting paid $400,000 up front to the shareholders of Iclubcentral and agreed to pay 9.55 percent of future revenue to its shareholders for 10 years as part of the deal that closed June 1....

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