AOL has acquired Relegence Corporation, a New York-based provider of financial news and information search technology.
AOL says the acquisition agreement was signed and closed on Monday. Financial terms of the deal were not disclosed but AOL reportedly paid as much as $65 million for the privately-held firm.
Founded in 1999, Relegence has 60 employees at its offices in New York, London and Tel Aviv.
Relegence provides subscription-based services that deliver real-time discovery, notification and financial information to a user's desktop. The firm's proprietary technology monitors, indexes and filters more than 20,000 financial content sources, which are sent to a users desktop based on a search criteria.
AOL says it will use the Relegence technology for its ongoing efforts to develop and deploy its publishing and content management platform. By integrating Relegence’s system, AOL says it will be in a position to better serve consumers with a comprehensive and timely content.
"This acquisition is a perfectly timed enhancement and complement to our web services strategy, where content management for web publishing will be a critical component of delivering the best experience for our users," says Jim Bankoff, EVP, consumer and publisher services, AOL. "Relegence’s unique technology delivers web events and information in real-time to its users – giving them a huge ‘knowledge’ advantage in the marketplace and in their daily lives. We’re confident that Relegence will bring a scalable and differentiated approach to serving AOL users."