Accurate And Fast Data
People who make decisions need data to help them decide. Being first to make the move can spell the difference so the information or data needed must also come in quickly and it must be accurate. This the rationale when Bloomberg LP started offering the Bloomberg Professional service. Since the company’s founding in 1982 it had 10,000 customers using its service a decade later.
The Bloomberg Professional service is a private network with data, analytics and other financial information. The information comes out through the Bloomberg Terminal, it is subscription-based and Bloomberg’s core money-making product. The product’s popularity and demand increased and it has eventually become the leading choice of service for 310,000 business and financial professionals all over the world.
Revenues allowed the company to launch Bloomberg Tradebook and Bloomberg.com. It has grown to include a global news service, including television, radio, the Internet and printed publications. The company’s presence is very large comprising one third of the $16 billion global financial data market having estimated revenue of $7.6 billion in 2011. It has 15,000 employees in 192 locations.
Interestingly enough the acquisition of Salomon Brothers in 1981 served as the catalyst for the creation of Bloomberg LP. Michael Bloomberg was a general partner and was given a $10 million partnership settlement. This gave Michael the capital to start the company which was initially named Innovative Market Systems. Merrill Lynch became the first customer with the installation of 22 Market Master terminals and also invested $30 million in the company. The company was renamed Bloomberg LP in 1986.
In founding the firm Michael got help from Thomas Secunda, Duncan MacMillan, and Charles Zegar. Michael owns 88 percent of this private company. In 2001 Michael Bloomberg decided to run for mayor of New York City. In order to do so he had to give up running the firm. Currently the company chairman is Peter Grauer and the president and CEO is Dan Doctoroff.