AOL acquires financial news search company

AOL announced Wednesday that it has snapped up search technology company Relegence, which specializes in finding financial news and information.

Relegence, a subscription-based service, aims to deliver relevant information to users' desktops as soon as it's published, regardless of the medium used. The notification and delivery technology draws from such sources as local and international newswires, television and cable networks, regulatory filings, Internet bulletin boards and Web sites and is designed to be integrated with internal streaming content.

"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," Jim Bankoff, executive vice president of AOL's Consumer & Publisher services, said in a statement.

Privately held Relegence, which employs 60 people, will retain its headquarters in New York and operate as a wholly owned subsidiary of AOL. The acquisition will be used to bolster AOL's development and deployment of its publishing and content management platform.

Financial terms of the deal were not disclosed.