America Online has acquired The Relegence Corporation, a financial services news engine that provides real-time intelligence to their users. The financial terms of the deal was not provided but PaidContent discusses how a couple of other publication companies have disclosed the acquisition amount between $50-$60 million.
The Relegence Corporation is based in New York and has 60 employees with offices in Tel Aviv and London. The Relegence Corporation will remain a wholly-owned subsidiary of AOL and will maintain normal operations. The company was founded in 1999 and “simultaneously monitors, indexes, and filters more than 20,000 unique, global sources of live content streams – such as local and international newswires, print media, television and cable networks, regulatory feeds, corporate and information web sites, internet bulletin boards – and deliver to a user’s desktop only the information which is relevant to his or her individual search criteria [source].”
The Relegence Corporation is known for their FirstTrack product which provides customized information for financial professionals such as upcoming IPOs, securities updates, and other information. This information is collected and reported in real-time.
The Relegence Corporation is America Online’s fifth acquisition in 2006. Other companies bought by AOL this year are Userplane, GameDaily, Lightningcast Inc. and Truveo Inc. “This acquisition validates the strategy we have pursued thus far: to make the real-time delivery of content to end-users a mission-critical and transforming part of their daily lives,” stated Steve Fadem, the CEO of Relegence. “We are tremendously excited about the opportunity to work with the great team at AOL to further leverage our core strengths of talent and technology in the financial services industry and across AOL’s vast network of properties and audiences.”
[Source: The Relegence Corporation press release and PaidContent]