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News from Reuters

Reuters buys risk software firm

11/06/06

LONDON (Reuters) - Reuters Group Plc has bought risk management software firm Application Networks for $41 million cash to expand the services it can offer customers, the news and financial data company said on Sunday.

Application Networks, with offices in London and Palo Alto, California, sells the JRisk software package, which enables banks and hedge funds to trade equity, interest rate and foreign exchange derivatives as part of their risk management business.

Its clients include J.P. Morgan Chase and Societe Generale.

Reuters trade and risk management business generated revenue of 82 million pounds ($151.2 million) last year.

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