In October 2018, the Attorney General of New York opened an investigation into Helios and Matheson Analytics, looking into whether it misled investors about the company's financial situation. In August 2018, the company reported a loss of $100 million in the second quarter of 2018 with the company trading at an implied value of $30 million. By early August 2018, Helios and Matheson completed the acquisition of Emmett Furla Oasis Films assets for the MoviePass subsidiary, MoviePass Films. The new company would be 51% owned by Helios and the remainder by EFO. In May 2018, the company acquired the assets of Emmett Furla Oasis Films, gaining its executives' expertise in making films for a new subsidiary, MoviePass Films, with an option to purchase the library. With the diluting and discount on the shares, prior investors indicated their unhappiness with the company on Twitter. Most of the proceeds were used to fund MoviePass. In April 2018, Helios sold $150 million in stock with $30 million of the shares at $2.75, a discount from the closing market price of $3.83. In March 2018, the board of directors began the process to spin off Zone Technologies to shareholders as a separate, publicly traded company, with the hope that it would allow Helios to focus on its strengths. As part of the transaction, Verizon took an equity stake in MoviePass.
HELIOS MOVIE PASS STOCK MOVIE
In April 2018, Helios acquired the movie listings website Moviefone from Verizon's digital media subsidiary, Oath Inc. In January 2018, co-founder Stacy Spikes was fired from the company. Another $35 million in advances converted to capital put Helios at 91.8 percent, allowing for a merger unilaterally initiated by the Helios board.
This increased Helios' ownership stake from 62.4 percent to 81.2 percent. MoviePass then converted the advances from debt to equity. Helios advanced MoviePass $55 million from December to February 20, 2018. In August 2017, Helios purchased a majority stake in MoviePass. Zone founder Ted Farnsworth was appointed chairman of Helios, and then, in January 2017, became Helios's CEO. The company acquired Zone Technologies, maker of the RedZone Map app, in November 2016. The company again changed its name in 2011 to Helios & Matheson Information Technology Inc., to reflect that it was seeking business opportunities worldwide, and then in 2013 to Helios and Matheson Analytics, to reflect that the business had "moved beyond IT". The A Consulting Team changed its name in 2007 to Helios & Matheson North America, to highlight its association with the parent company. In 2006, Helios & Matheson Information Technology Ltd., an IT consulting firm based in India, purchased a majority stake in the company. The company made its initial public offering in 1997. It changed its name later that year to The A Consulting Team.
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The company was founded in 1983 by Shmuel BenTov as Software Ben-Tov.
The company became widely known during its final years for acquiring and subsequently operating MoviePass, which ultimately led to the company's bankruptcy. Helios and Matheson Analytics was a publicly traded data analytics company based in New York City, New York.
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