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Reuters Telerate LLC history
Reuters Telerate LLC company history timeline
Founded in 1851 by Paul Julius Reuter, Reuters Group PLC built a reputation as a media company, with reporting expertise valued by the financial markets, particularly foreign exchange, commodities and securities.
By the 1870's, the firm had become one of the largest media organizations in the world, with control of telegraph cables that secured its dominance in British news until World War II.
A period of unprofitable investments and ineffective management decisions brought Reuters close to bankruptcy in 1941.
During the 1960's, the Reuters managing director noticed an equities quote system called Stockmaster (product of Ultronic), was widely accepted in the United States and requested by European branches of United States firms.
By 1967, Reuters London-based receiving system had grown from a slave-based computer into a full ticker plant.
Telerate Systems Inc. was founded in 1969 by Neil S. Hirsch, a 21-year old college dropout who was working as a clerk in a Merrill Lynch brokerage office.
The Beginning through 1970's
The company was on the verge of selling stock to the public in late 1971, when it was approached by the Cantor Fitzgerald Securities Corporation.
By 1977, the company's earnings had increased to $1 million.
In 1977, Telerate formed another important alliance, when it joined with AP-Dow Jones.
Telerate emerged during the early 1980's as a leader in fixed-income data in the United States and was making inroads in Europe - Reuters domain.
Regular annual, profit gains were approximately 25% during the mid-1980's.
During the late 1980's the video page-based system used for Reuters Monitor Service was increasingly unable to meet the changing needs of the financial markets.
Changes in the health of the financial information business carried over from the late 1980's; pressure from competition in the foreign exchange market where Reuters dominated; and the pending retirement of the Managing Director (Glen Renfrew) all played a part in the realignment.
The company reported 90 percent growth in earnings in its last fiscal quarter, and annual revenues that had nearly doubled, from $11.1 million in 1982 to $20 million in the following year.
The company was listed on the New York Stock Exchange in April of 1983, and Exco's stake in the company was reduced to 49 percent.
Three months after its stock offering, in July of 1983, Telerate updated its agreement with AP-Dow Jones, and the two companies agreed to form a new business together.
At the end of 1983, Telerate posted pretax profit margins of greater than 55 percent.
Reuters went public in June 1984; gained access to capital markets; and initiated a series of acquisitions, many funded from cash rather than stock.
By September of 1984, the company's stock price had sunk well below its initial offering level, and Hirsch was complaining to the press that Telerate was underappreciated.
In 1985, the media conglomerate purchased a 32 percent stake in the company from Exco International for $285 million.
Ending the agreement with Ultronic (owned by ADP) in 1986, set the early stages for IDN, the Integrated Data Network, which grew from Reuters' ability to now combine equities data with its existing commodities and foreign exchange ticker plant on Long Island, NY.
At the end of 1986, Telerate bought back from its partners, AP and Dow Jones, the percentage of the group's foreign joint venture that it did not already own.
Months later, in September of 1987, Dow Jones put an additional $416 million into Telerate, upping its stake in the company to 56 percent.
The October 1987 bear market slowed their growth.
In 1988, Telerate introduced its Matrix program, but the sales were disappointing, as customers judged its capabilities limited and its graphics weak.
In 1989, Reuters combined trading room system development operations in Chicago (previously structure was decentralized), and restructured other parts of the company.
The 1990's began with a major corporate realignment.
Job would later be named Glen Renfrew's successor, effective March 31, 1991.
In April of 1992, Dow Jones restructured its on-line information services, forming Dow Jones Telerate, Inc., and two separate business news services.
Quotron Systems, Inc. - Reuters formally announced plans to purchase Quotron from Citicorp in April 1994, and paid $12.8 million for the assets.
In early 1994, Telerate announced that it would begin to list government bond prices from a major broker for primary dealers called Liberty Brokerage Investment Company.
Building an Information Super-Giant In 1995, BRIDGE was bought by Welsh, Carson, Anderson & Stowe (WCAS), a private investment firm in New York City.
In 1998, BRIDGE acquired the brokerage information business of Automatic Data Processing (ADP), which strengthened its position in the retail stockbroker market.
In April 1999, BRIDGE announced another important acquisition: SAVVIS Communications Corporation, headquartered in St Louis.
Telerate no longer exists, having been taken over by Reuters in 2005, but in its day, Telerate was a pioneering and forever controversial leader in the distribution of real-time market information.
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