Travelers Group Inc. on Monday joined Data Broadcasting Corp.’s agreement with Internet Financial Network, which includes an option to buy as much as 51 percent of the real-time electronic-information service.
In November, Data Broadcasting signed a five-year agreement to use and distribute Internet Financial–which provides Securities and Exchange Commission filings to businesses–via the Internet and Microsoft Corp.’s Microsoft Network.
The agreement calls for closely held Internet Financial to receive an undisclosed investment from the two companies, which are equal partners in the transaction.
“We’ve been a development-stage company,” said Clifford Boro, Internet Financial’s president. “This will help us grow.”
Internet Financial subscribers pay $25,000 to $200,000 annually for its services, which include real-time stock quotes and financial and sports betting news and odds. IFN has offices in Cambridge, Mass., and Ft. Lauderdale.
Data Broadcasting will offer IFN’s financial services via the Internet beginning in March.
New York-based Travelers offers investment, insurance and consumer finance services and has more than $113 billion in assets. Its units include Smith Barney Inc. and Travelers Insurance Cos.
Shares of New York-based Data Broadcasting rose 56 cents, to $12.12, Monday. Travelers’ stock fell 50 cents, to $69.37.
