REUTERS: Thomson Reuters Corp said on Friday it had acquired events company FC Business Intelligence (FCBI) to tap into the fast growing sector and help further promote its Reuters News brand.
The British-based company, which will be rebranded Reuters Events and operate as part of the Reuters News division, hosts exhibitions and conferences around the world in sectors including pharmaceuticals, energy, transport, insurance and technology.
The terms of the transaction were not disclosed.
Michael Friedenberg, a tech and media veteran who became president of Reuters last year, said FCBI had 130 employees and was growing faster than the industry average.
"It's a high-growth sector with a good level of stability through upturns and downturns," he said. "It's a way to diversify and grow our revenue base."
Reuters, the news division of Thomson Reuters, has a variety of different media platforms including TV, social and mobile which could be used to showcase news coming out of the events, Friedenberg said.
He added that he could look for other acquisitions in the events business and pursue organic growth by expanding into new sectors.
"It is a natural extension of our strategy," he said.
(Reporting by Kate Holton in London; Additional reporting by Subrat Patnaik in Bengaluru; Editing by Arun Koyyur and Carmel Crimmins)