BRIDGE to Acquire Telesphere
BRIDGE and Telesphere plan to combine their respective data feed businesses under the direction of Telesphere's Kenneth B. Marlin, reporting to Tom Wendel, BRIDGE CEO. The rest of the organizational details of the merger have not been finalized.
"Telesphere is a well-managed company that is highly and widely regarded for the quality of its digital market data feeds -- both realtime and end-of- day," states BRIDGE CEO, Tom Wendel. "As the need for broader, more reliable data sourcing has expanded, data providers have become one of the fastest growing segments in the financial information industry."
Telesphere CEO Ken Marlin said: "Over the past 18 months, while we were busy experiencing real growth with Telesphere, we kept an eye on the incredible job that BRIDGE was doing in fusing together the products and services of four different companies into an integrated financial and communications company. Timing is everything, and BRIDGE's proposition was just too intriguing to pass up, in spite of our own growth worldwide."
The acquisition strengthens BRIDGE's position to deliver market data directly to trading desks, individual investors, and fund pricing departments, for both realtime and end-of-day pricing. "Telesphere adds expertise that spans the entire history of digital data, and systems that are so reliable that they are actually guaranteed. I know we can leverage those assets for our customers to truly add value," states Wendel. "We also look forward to building further on Telesphere's strategic relationships with premier firms, such as Telekurs, S&P, and Nomura Research Institute."
Telesphere is a leading supplier to the trading, brokerage, and investment communities of realtime, intra-day, and close-of-market pricing, as well as corporate announcements, fundamental, and descriptive information on publicly traded securities. Telesphere's main corporate office is located in New York City with sales and support offices in Boston, Chicago, London, San Francisco and Toronto; and marketing partners in Tokyo, Hong Kong and Singapore. For more information, see Telesphere's home page at http://www.telesph.com.
Telesphere was acquired by Zilkha & Company, a merchant banking and investment company, in a management led buyout in November of 1995. Zilkha will become a stockholder in BRIDGE.
BRIDGE is a global market data company. Through its terminal and feed products it supplies over 55,000 users, representing over 6,500 institutions, with information and news on equities, fixed-income, foreign exchange, derivatives and commodities. The BRIDGE data and technology center in St. Louis, Missouri operates a completely redundant wideband, state-of-the-art communications system that collects and disseminates market data, news and applications to clients using industry standard technology and protocols.
BRIDGE was formed through the merger of four major independent market data and technology providers: Bridge Information Systems, EJV Partners, Market Vision, and Knight-Ridder Financial. The firm is headquartered in New York City with major regional centers in Europe, the Middle East, Africa, and the Pacific Rim. BRIDGE clients include institutional investors, broker/dealers, exchanges, corporations, and state and local governments. In fact, 49 out of the top 50 institutional investors in the US and 80 percent of the world's top banking institutions rely on BRIDGE. For more information, see BRIDGE's home page at http://www.bridge.com.
SOURCE Bridge Information Systems, Inc.
/CONTACT: Liz Sendewicz of BRIDGE, 212-372-7282; or Lydia Panulas- Zelinsky of CCM, 212-689-8225, for Telesphere/
CO: Bridge Information Systems, Inc.; Telesphere Corporation ST: New York IN: FIN PUB SU: TNM
DO-KO -- NYW124 -- 2525 06/04/97 17:26 EDT http://www.prnewswire.com