Helios and Matheson Analytics

Helios and Matheson Analytics Inc.

Company type	Public
Industry	Data analytics, Film production
Founded	1983
Founder	Shmuel BenTov
Defunct	2020
Fate	Filed for Chapter 7 bankruptcy and ceased operations
Headquarters	New York City , United States
Key people	Ted Farnsworth (Chairman and CEO)
Products	MoviePass, Moviefone, MoviePass Films

Helios and Matheson Analytics Inc. was a data analytics firm publicly traded and based in New York City, chiefly recognized for its acquisition and management of MoviePass, a venture that ultimately resulted in the company's bankruptcy.

History

The company originated in 1983 under the name Software Ben-Tov, founded by Shmuel BenTov. It soon adopted the name The A Consulting Team and went public in 1997. In 2006, an IT consulting enterprise from Chennai, India, Helios & Matheson Information Technology Ltd., purchased a controlling interest. This led to a rebranding in 2007 as Helios & Matheson North America to signify the change in majority ownership. Further name changes followed in 2011 and 2013, reflecting ambitions for global expansion and diversification beyond the IT sector.

In November 2016, Helios acquired Zone Technologies, known for developing the RedZone Map application, appointing its founder Ted Farnsworth first as chairman and subsequently as CEO. The company's strategic turning point occurred in August 2017 with the acquisition of a controlling share in MoviePass. By converting successive capital infusions into equity, Helios increased its stake from 62.4% to 91.8%, thereby gaining decisive influence over board decisions concerning mergers. Early in 2018, co-founder Stacy Spikes was removed from his position.

April 2018 saw Helios purchase Moviefone from Verizon’s digital media division, with Verizon taking an equity position in MoviePass as part of the transaction. Simultaneously, Helios announced intentions to spin off Zone Technologies to concentrate on its primary business areas. To support MoviePass operations financially, the company raised $150 million through a discounted stock offering, which attracted criticism from investors due to share dilution concerns.

In May 2018, Helios ventured into film production by acquiring assets from Emmett Furla Oasis Films and creating MoviePass Films as a subsidiary under majority ownership. This acquisition was finalized by August, marking a strategic move into content production.

Despite these expansions, Helios reported a $100 million loss during the second quarter of 2018, accompanied by a sharp decline in market valuation. This financial distress prompted an inquiry by the New York Attorney General regarding possible investor misinformation. In reaction, Helios announced plans to spin off its film-related divisions into MoviePass Entertainment Holdings with intentions for a NASDAQ listing.

Nevertheless, by February 2019, the company’s shares were removed from NASDAQ trading and relegated to over-the-counter markets. Ultimately, on January 28, 2020, Helios and Matheson filed for Chapter 7 bankruptcy protection and discontinued operations.