This is AOL's second acquisition in Israel. It previously bought Mirabilis in 1998.
AOL LLC. today announced that it has acquired financial news and information search technology company, The Relegence Corporation. 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.
Published by Globes [online], Israel business news - www.globes.co.il - on November 8, 2006
© Copyright of Globes Publisher Itonut (1983) Ltd. 2006