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November 09, 2006

AOL Time Warner Acquires Relegence for $55 Million

posted by MR WAVETHEORY at 11/09/2006 03:51:00 AM
AOL HAS PURCHASED THE RELEGENCE Corporation, a New York-based company that offers Web users financial news feeds gleaned from more than 20,000 sources including Bloomberg TV, SEC filings and niche newsletters. Purchase terms were not disclosed. AOL Time Warner Inc. (NYSE TWX) plans to incorporate it into their finance product.

The value of the deal remains undisclosed, however it was reported to be $55-65 million. AOL's last acquisition in Israel was its 1998 acquisition of Mirabilis, developer of the ICQ messaging software.

Relegance was founded in 1999 and operated until 2001 under the name eNow. Using proprietary technology, Relegence simultaneously monitors, indexes, and filters tens of thousands of live content streams, mostly internet and television. The company was considered very promising at its outset and was initially invested in by 1980's junk bond king Michael Milken, through Entertainment Media Ventures fund.

The company's customers include 70 large investment institutions around the world including Merrill-Lynch, Fidelity and Credit-Suisse. Relegence also provides information to large financial newspapers such as Bloomberg, and Reuters. The company does not have any Israeli customers.

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