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|AOL Acquires Relegence Corporation|
DULLES, Va.--(BUSINESS WIRE)--AOL LLC today announced that it has acquired leading financial news and information search technology company, The Relegence Corporation of New York, NY (http://www.relegence.com).
AOL’s acquisition agreement with privately-held Relegence was signed and closed on Monday, November 6th, 2006. Financial terms of the deal were not disclosed. Relegence and its 60 employees will continue to be headquartered in New York, with offices in London and Tel Aviv. It will operate as a wholly-owned subsidiary of AOL, and will continue to partner with and serve a distinguished list of the world’s top financial services firms.
Founded in 1999, Relegence is the premier global technology company putting real time information, news and knowledge in the hands of end users moments after it is published. Relegence sells subscription-based services that offer real-time discovery, notification and delivery of information, connecting customers to cross-media content as it is generated from anywhere across the globe.
Using proprietary technology, Relegence 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. Additionally, Relegence can comprehensively integrate internal content streams and programming with external content and create a powerful tool for users to manage and utilize mission-critical information in their day-to-day activities and enable them to make more timely and accurate choices and decisions.
AOL will leverage these best-in-class capabilities for its ongoing efforts to develop and deploy its publishing and content management platform. By integrating Relegence’s technologies, AOL will be in a position to better serve consumers with a comprehensive and timely content experience.
“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,” said Jim Bankoff, Executive Vice President, Consumer & Publisher services, AOL LLC. “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, while existing institutional customers will continue to be well-served by their innovative technology and capabilities.”
"Seven years ago we set out on a quest to create the real-time internet,” said Edo Segal, Relegence Founder, Chairman & CTO. “To create a world where if a piece of information relevant to you is published - anywhere - it will be on your desktop that second. By joining with AOL, Relegence will be able to execute on this vision. We are incredibly excited to combine our next generation technologies with the scale of AOL. This transaction is a fulfillment of our journey so far, with incredible potential for change and evolution of the Internet phenomenon."
"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,” said Steve Fadem, Relegence CEO & President. “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."
Relegence is AOL’s fifth announced acquisition of 2006, following Userplane and GameDaily in August, Lightningcast, Inc. in May, and Truveo, Inc. in January. Other recent corporate acquisitions by AOL include MusicNow, LLC; Weblogs, Inc.; Xdrive, Inc.; and Wildseed, Ltd. – all in 2005.
For more information, please visit (http://www.relegence.com).