Reuters Buys 84% of Mass. Consulting Firm

Reuters Group PLC has taken a majority stake in TowerGroup, a bank technology research and consulting firm in Needham, Mass. Reuters announced Thursday that it had acquired 84% of TowerGroup. The remaining 16% of capital is held by TowerGroup founder Diogo Teixeira and the firm's employees. The London-based news and information company said it will offer TowerGroup's research as a "premium service" through its global distribution channels. TowerGroup, which will operate as a unit of the recently established Reuters Ventures unit, will continue to market its research to banks and vendors that serve banks. Reuters said it plans to buy or invest in other research companies in the United States, Europe, and Asia to develop a "global research and advisory business." - Ross Snel