Thomson Reuters sells investment operations unit


Wed Feb 29, 2012 9:47am EST

* Sells Portia unit to SSC Technologies Holdings

* Company announced Portia was for sale in April 2011

* Part of ongoing divestment plan

Feb 29 (Reuters) – Thomson Reuters Corp
has agreed to sell its Portia investment operations unit
for $170 million to financial software company SSC Technologies
Holdings Inc as part of an ongoing divestment plan.

The company announced its intention to sell Portia in April
2011. It said on Feb. 9 that it was also looking to divest its
Property Tax Services, Law School Publishing business and
Financial Risk eXimius business, which is part of the Retail
Wealth Management organization. The three businesses combined
had revenue of about $155 million in 2011.

It has also sought to sell its healthcare services unit, but
has said it will resume that process when market conditions
improve.

SSC said it expects its purchase of Portia to close in the
second quarter of 2012.

Portia provides accounting software to investment managers.

SSC said that Portia President Christy Bremner will
continue to run the business, which has more than 140 employees
in Boston, Bangalore, London, Hong Kong, Singapore, Dubai, Tokyo
and Bangkok.

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Wednesday, February 29th, 2012 EN

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