Thomson sells Rainmaker unit to management

Thomson sells Rainmaker unit to management

Thomson Financial has sold Australian subsidiary company Rainmaker Information Services (RIS) to Chris Page, the current managing director.

The decision to sell was arrived at after a review of the strategic fit of the business within the changed Thomson Financial structure, following the recent acquisition of Primark, says Alastair Hazell, MD of TF in Asia Pacific.

He states: "We have examined a number of options, and have decided that the best way forward for both the business and indeed the individuals working for it was to sell."

TF acquired RIS from its founding partners (one of which was Page) in October 1998. The business provides both contact information and performance measurement databases on the institutional investor markets in Australia and New Zealand, with some Asian coverage.

Thomson Financial's Nelson Information division and Rainmaker will continue to cooperate in data distribution, says Hazell. The partnership will allow the firms to sell each the other's products and include each other's data in their own products. Nelson expects to incorporate Rainmaker's data in its soon to be released later this year.

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