AOL has purchased financial news service company Relegence, which specializes in finding financial news and information.

Relegence, a subscription-based service, delivers breaking financial information to users' desktops as soon as it's published, regardless of the medium, CNET reports. Relegence's technology culls information from local and international newswires, television and cable networks, regulatory filings, Internet bulletin boards and websites. It is designed to be integrated with internally streamed content.

Relegence is a privately held company with 60 employees and will retain its headquarters in New York, operating as a wholly owned subsidiary of AOL. The acquisition will bolster AOL's development and deployment of its publishing and content management platform.

"Relegence's unique technology delivers web events and information in real time to its users, giving them a huge knowledge advantage in the marketplace and in their daily lives," Jim Bankoff, EVP of AOL's Consumer & Publisher services, is quoted as saying.