Tech Industry

Reuters to buy search company ClearForest

The text analytics company will be used to bolster news service's advanced search technology.

Reuters announced on Monday that it will acquire text analytics company ClearForest to enhance its advanced search capabilities.

Up until this point, the Waltham, Mass.-based ClearForest had primarily marketed its products--text analytics technologies and a tagging platform--to business clients that need to manage and facilitate access to large amounts of information.

Reuters news service hopes to use that technology as a means for improving the search infrastructure for a variety of its content, specifically its financial information.

"ClearForest has developed a superior, commercially proven technology in the field of text analytics that will make it immensely easier for our customers to find, understand, and navigate our content," Gerry Campbell, head of search and strategic development for Reuters, said in a statement Monday.

Prior to heading this recently established division of Reuters, Campbell had been head of search for AOL.

In the agreement, Reuters will take over all of ClearForest's outstanding shares. Financial terms of the agreement were not disclosed.