News and financial information giant Reuters said today that it has bought risk management software provider Application Networks for $41m.
The purchase of the Application Networks - which is based in London and Palo Alto in California - will build on the group's trade and risk management business, Reuters said.
Following completion of the deal, Reuters said that it would create a new derivatives trading platform called Kondor+ 4.0. Current clients of Application Networks' trading platform included leading banks such as JPMorgan Chase, Societe Generale, UBS and Wachovia.
Reuters' current trade and risk management unit, which provides traders and operations managers with software to assess risk, generated revenues of £82m sterling in 2005.
