The Financial Times Group, part of Pearson plc, the international media group, has bought E Source, Inc from the Rocky Mountain Institute for $18 million.
This acquisition will strengthen the FT Group's position as one of the world's leading energy information providers. E Source, based in Boulder Colorado, is one of the fastest growing energy information companies, it has capitalised on the booming growth in the Energy Services Sector. The business is complementary to the FT Group's existing energy information business, FT Energy (also head-quartered in Boulder, Colorado). FT Energy forms part of FT Business, the specialist information publisher.
E Source's core product is its membership subscription based information package featuring a wide range of independent analyses of retail energy markets, services and technologies, multi-client studies and bespoke consulting. Revenues in 1999 are estimated to be $9m.
The acquisition makes FT Energy the leading provider of energy information in the area of decision support, niche consulting, news, editorial judgement, prices and other "mission critical" data. The majority of this information is delivered electronically.
Stephen Hill, Chief Executive of the Financial Times Group said, "E Source is an attractive fast growing company with great products and a solid client base in a dynamic and significant world industry. Its incorporation into FT Energy will enable it to fulfil its potential and will provide significant benefits to our existing businesses."
In recent years FT Energy has also acquired Resource Data International and Pasha Inc., both based in the USA, to add to its existing London operations.
The Financial Times Group consists of:
The Financial Times is the world's leading international business newspaper. In the last year, daily world-wide circulation has increased by 11.9% to 388,546 (May 98 vs May 99), with non-UK sales rising by 26.4% to 208,064.
Financial Times Business produces specialist information on particular industries - energy, finance, media, telecommunications, retail and consumer, automotive and pharmaceuticals. Its energy business operates under the brand Research Data International, based in the USA. It publishes the UK's premier personal finance magazine, Investor's Chronicle, and the Banker, Money Management and Financial Advisor for professional advisors.
The Financial Times Asset Management business, through its Interactive Data, EXSHARE and Information Express operations is one of the leading global provider of end of day pricing and valuation of securities to the fund management industry, reporting on 3.5 million securities.
Ft.com provides its users, with the very best general users and analysis and specialist company and market information and financial data. It generates more advertisement revenue than any other UK site and has nearly 2 million registered users world-wide, with the majority outside the UK.
FTSE International, a joint venture with the London Stock Exchange, provides the investment community with the leading UK indices and, together with the Amsterdam Stock Exchange, publishes the Eurotop family of indices.
AFX news, a news agency jointly owned by the FT Group and Agence France-Presse, is a global provider of real time financial and business news.
Groupe Les Echos, France's leading business newspaper and magazine publisher; and Recoletos, one of Spain's leading media companies, which publishes Expansion, the leading Spanish business and financial newspaper; are also part of the Pearson group.
Pearson also owns 50% stakes in Business Day and Financial Mail, South Africa's leading business publisher; and the Economist Group, publisher of the world's leading weekly business and current affairs journal. The Economist Group also publishes the Journal of Commerce, CFO and operates the Economist Intelligence Unit.
The Financial Times Group and Gruner + Jahr, one of Germany's leading newspaper and magazine publishers, have formed a joint venture to produce a German language business newspaper.
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