Relegence sold for $65M
AOL, the Internet division of Time Warner Inc., on Wednesday said it had purchased Relegence, a company specializing in financial news and information search technology.
Privately held Relegence offers subscription services that provide readers with real-time notification and delivery of financial information to their desktop computers. The company was founded in 1999 and has 60 employees in offices in New York, London and Tel Aviv.
The agreement to buy Relegence was signed and closed on Monday, AOL said.
Financial terms were not disclosed. Israeli business daily Globes reported the deal was worth as much as $65 million.
AOL has said that users who download its desktop computer software to access company products, like e-mail and instant messaging, tend to stick with their services more than those who only access AOL on its Web site.