In 1981, Salomon Brothers was acquired, and Michael Bloomberg, a general partner, was given a $10 million partnership settlement.[12] Bloomberg, having designed in-house computerized financial systems for Salomon, used his $10 million severance cheque to start Innovative Market Systems (IMS).[13] Bloomberg developed 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 in IMS to help finance the development of “the Bloomberg” terminal computer system and by 1984, IMS was selling machines to all of Merrill Lynch’s clients.[1]

Source – https://en.wikipedia.org/wiki/Bloomberg_L.P.