In 1998 Bridge Information Systems, then the fourth largest provider of market information services behind Reuters, Dow Jones, and Bloomberg, agreed to buy the troubled Telerate business from Dow Jones for $510 million. The Dow Jones board had urged the sale despite taking a significant loss due what it perceived as insurmountable competition from its two biggest rivals, Reuters and Bloomberg, particularly as Telerate lacked the more complex historical pricing information and other analytical software that investors were looking for. Bridge Information Systems faced competition in the acquisition from Cantor Fitzgerald which was interested in re-acquiring interest in the business. However, the sale was completed with Bridge, and it was renamed Bridge Telerate.