TheStreet.com takes $1.2M stake in Geezeo

TheStreet.comhas invested $1.2 million in Geezeo Inc., a social networking web site whose technology helps users manage their personal finances, the New York-based online investment company reported.

The investment represents an approximate 13 percent interest in Geezeo and comes with an option to purchase the Framingham-based startup based on an equity value of $12 million at any time over the next year,TheStreet.com(Nasdaq: TSCM) said.

Besides allowing users to create custom budgets and charts on their spending habits, Geezeo also offers user mobile tools such as text message reports. Late last year,Geezeo hooked into $585 'Gs' of its own in seed funding,which was part of its plan to raise $2 million, according to federal securities documents.

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Co-founder Peter Glyman said at the time that the company was still raising seed financing and planned to complete a Series A financing round of an undetermined amount during first-quarter 2008.

Geezeo adopted its name from the slang term for a $1,000 -- or a "gee." It says it was the first company to offer users access to all of their account balances via SMS text message.

Robert Ellis, a senior analyst for the wealth management division of Celent LLC,in a Mass High Tech story last Junesaid that similar online financial aggregation tools have existed for at least five years. For instance, Woburn-based ByAllAccounts and New Jersey-based Albridge Solutions Inc. produce such tools. California-based Wesabe Inc. launched in November 2006 a website that also enables users to manage their accounts, much like Geezeo.