Internet giant America On Line announced this week that it has acquired Israeli start-up company Relegence Co. for an undisclosed amount, estimated by some between 50 to 90 million dollars.
Relegence, which develops real-time financial services news engines, will be a subsidiary of AOL, but will continue its operations in its New York, London and Ramat Gan offices. Relegence monitors, indexes and filters more than 20,000 sources of information, such as newswires, print media, TV, regulatory releases and corporate Web sites and sends news and information to its users' desktop using individual search criteria.
This is the second large Israeli start up to be purchased by AOL. In 1998, AOL purchased Mirabilis, which developed the ICQ instant messaging service for USD 407 million. Relegence is AOL's fifth announced acquisition of 2006, following Userplane and GameDaily in August, Lightningcast, Inc. in May, and Truveo, Inc. in January.