Extel
{{Short description|Financial news service}}
{{Use dmy dates|date=April 2022}}
{{Infobox company
| name = Extel
| logo = Extel-logo-2024.svg
| image = Exchange_Telegraph_Company_Limited_cover.jpg
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| former_name = Exchange Telegraph Co. Ltd.
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| founded = {{Start date and age|1872}} in London, United Kingdom
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| website = {{URL|extelinsights.com}}
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The Exchange Telegraph Co. Ltd. (also known as Extel) was created in March 1872 specifically to distribute financial and business information from the London Stock Exchange and other commercial markets direct to subscribers. The company established ticker tape telegraph machines in offices, gentlemen's clubs, banks etc. and provided a continuous stream of commercial information to them.
It introduced a parliamentary service in 1876, a general news service in 1879 and a legal service in 1891. The business was so successful that by 1906 they had opened ten other branches outside London.
The company continued to grow and improve, becoming increasingly more efficient. It added a faster financial service in 1907 and began operating a worldwide news service in 1913, with a separate sports service included in the 1930s.
Over the course of its history, Extel (the name coming into common use for the company in the 1950s) grew into one of the leading news agencies, provider of financial information and associated businesses. Among the many notable achievement were 'Extel cards',{{cite web |url=http://eserv.thomsonib.com/dga_register/mktpages/whatsnew.htm |title=What's New |work=Thomson Research}} the very first corporate snapshots/tear-sheets with brief data on profit and loss, employees, business activities and executive management. Extel cards, naturally in hard copy, were first produced in 1922.
Recent history
Extel was acquired by United Newspapers in 1987.{{cite web |url=http://www.fundinguniverse.com/company-histories/united-business-media-plc-history/ |title=History of United Business Media plc |work=FundingUniverse}} In 1991, Extel set up a joint venture with Agence France Presse to create a financial news service, AFX News.{{Cite news |title=AFP and Financial Wires Encroach on Original Market : Reuters News: Clients Defect |first=Erik |last=Ipsen |date=13 February 1992 |newspaper=The New York Times |url=https://www.nytimes.com/1992/02/13/business/worldbusiness/13iht-reut.html}} Pearson plc acquired Extel in 1993{{cite web |url=http://www.telecompaper.com/news/pearson-to-acquire-extel-financial--12679 |title=Pearson to acquire Extel Financial |work=telecompaper.com}} and merged it as Financial Times Information into its Financial Times division. Financial Times reorganised the company into two divisions: Market Data and Research. The research division retained the Extel branding.
Primark acquired the Extel brand from Pearson in 1999{{cite web |title=Retail-Trade |url=http://www.allbusiness.com/retail-trade/miscellaneous-retail-miscellaneous/4666536-1.html |work=All Business |accessdate=22 June 2012}} and it became part of Thomson Financial in 2000. AFP's share in AFX News was sold in 2006 to Thomson Financial.{{cite journal |title=Thomson Financial acquires AFX |journal=Information World Review |date=10 July 2006 |url=http://www.highbeam.com/doc/1G1-147936027.html|archive-url=https://web.archive.org/web/20121105223257/http://www.highbeam.com/doc/1G1-147936027.html|url-status=dead|archive-date=5 November 2012}} Thomson Financial and Extel itself was then merged into Thomson Reuters in 2007.{{cite news |url=https://www.theguardian.com/media/2007/may/15/reuters.pressandpublishing |title=Reuters agrees to Thomson merger |first1=Graeme |last1=Wearden |first2=Katie |last2=Allen |date=15 May 2007 |newspaper=The Guardian}} By this time, and essentially since 1999, the only commercial and operational part of Extel was the Extel Survey.
In 2016, WeConvene, a cloud-based corporate access platform acquired Extel, and subsequently sold {{Cite web |date=2018-03-12 |title=Euromoney acquires Extel |url=https://www.inpublishing.co.uk/articles/euromoney-acquires-extel-2652 |access-date=2024-12-16 |website=InPublishing |language=en}}in 2018 to their larger competitor, Institutional Investor, at that time owned by Euromoney. The two survey operations combined to form Institutional Investor Research (II Research). In November 2022, Euromoney was delisted following a purchase by a private equity consortium{{Cite web |last=Tobitt |first=Charlotte |date=2022-11-24 |title=Euromoney £1.66bn private equity buyout completes and company split begins |url=https://pressgazette.co.uk/media_business/euromoney-private-equity-deal-completes/ |access-date=2024-12-12 |website=Press Gazette |language=en-US}} and II Research was separated from Institutional Investor. In September 2024 II Research rebranded, resurrecting its dormant trading name [https://www.extelinsights.com Extel].
See also
References
{{reflist}}
- {{cite web |url=http://www.connected-earth.com/Galleries/Itpaystoadvertise/Earliestdays/Sellingthetelegraph/index.htm |title=Selling the Telegraph |work=Connected Earth |archiveurl=https://web.archive.org/web/20080807131151/http://www.connected-earth.com/Galleries/Itpaystoadvertise/Earliestdays/Sellingthetelegraph/index.htm |archivedate=7 August 2008}}
- {{cite web |url=https://www.extelsurveys.com//AboutUs/AboutUsHome.aspx |title=The Extel Story |work=extelsurveys.com |access-date=2017-02-07 |archive-url=https://web.archive.org/web/20160807032738/https://www.extelsurveys.com//AboutUs/AboutUsHome.aspx |archive-date=2016-08-07 |url-status=dead }}
{{Thomson Reuters}}
{{Authority control}}
Category:News agencies based in the United Kingdom
Category:Financial services companies established in 1872
Category:Companies formerly listed on the London Stock Exchange