Bloomberg L.P. was founded by Michael Bloomberg in 1981 as Innovative Market Systems. Bloomberg designed and built his own computerized system to provide real-time market data, financial calculations, and other financial analytics to Wall Street firms.
In 1983 Merrill Lynch invested $30 million to help finance the development of “the Bloomberg” computer system. By 1984 Bloomberg was selling machines to all of Merrill Lynch’s customers.
Michael Bloomberg continues to be the primary owner of Bloomberg L.P., though he had to give up his CEO position to become mayor of New York in 2001. He served as the mayor of New York until 2013.
Today Bloomberg L.P. provides economic, financial, and other information such as legal regulatory and compliance news and research. The company also has a radio station, television station, and its own financial news magazine.
Bloomberg L.P. is #44 on the Forbes list of America’s Largest Private Companies, has 13,000 employees, and had $7 billion in revenue in 2011.