Reuters to Acquire Data Technology Company Gissing
London - Reuters (LSE: RTR; NASDAQ: RTRSY), the global information company, has today entered into an agreement to acquire London-based Gissing Group Ltd, a privately held company with offices in London and New York.
Gissing is a leading provider of real-time, vendor neutral contributions solutions. The company’s underlying expertise is in the development of specialist ‘adaptors’ that enable organisations to contribute data to multiple destinations from multiple sources.
Reuters plans to retain and continue to work with the existing Gissing management team and their highly skilled workforce. Reuters also plans to continue to support existing Gissing customers and to continue to invest in Gissing’s sophisticated technology solutions.
Mark Redwood, Reuters Global Head of Sales and Trading, said:
“This deal helps deliver on our strategy of powering the financial markets by providing a combination of content and transaction related services, distributing both Reuters and third party content and liquidity. Gissing brings a unique set of tools, skills and capabilities that complement Reuters existing multiple-destination, multiple-source client data solutions. We very much look forward to working with the Gissing team on continuing to develop and build valuable growth business.”
Mike Vieyra, CEO Gissing Group added,
“This is a great deal for Gissing and for Gissing’s shareholders, staff and customers. Gissing’s current and prospective clients will continue to get full support, upgrades and enhancements across the Gissing product range. Our business as a result of this deal, will benefit from increased product and infrastructure investment and enhanced market opportunities and we very much look forward to working with Reuters in driving our business forward.”
The transaction is expected to complete in early 2008 and is subject to customary terms and conditions. Gissing had gross assets of £1.8 million as at 31 December 2006. Additional financial terms of the all-cash transaction were not disclosed.
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Reuters (www.reuters.com), the global information company, provides indispensable information tailored for professionals in the financial services, media and corporate markets. Through reuters.com and other digital properties, Reuters now also supplies its trusted content direct to individuals. Reuters drives decision making across the globe based on a reputation for speed, accuracy and independence. Reuters has 17,500 staff in 94 countries, including 2,400 editorial staff in 196 bureaux serving 131 countries. In 2006, Reuters revenues were £2.6 billion.
Gissing Software (www.gissing.com), solution specialists in the routing and transformation of real-time market and trade data, was founded in 1991. Gissing Software counts some of the world’s biggest financial institutions among its clients. With over 50 installations globally, Gissing’s products are a byword in the industry for performance and reliability. The company has offices in London and New York.
This press release may be deemed to include forward-looking statements relating to Reuters within the meaning of the United States Private Securities Litigation Reform Act of 1995. Certain important factors that could cause actual results to differ materially from those disclosed in such forward-looking statements are described in Reuters Annual Report and Form 20-F 2006 under the heading ‘Risk Factors’ and Reuters Interim Results press release dated 27 July 2007 under the heading ‘Forward-looking Statements’. Copies of the Annual Report and Form 20-F 2006 and Interim Results press release are available on request from Reuters Group PLC, South Colonnade, Canary Wharf, London E14 5EP. Any forward-looking statements made by or on behalf of Reuters speak only as of the date they are made, and Reuters does not undertake to update any forward-looking statements.
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