became the first customer, purchasing 20 terminals and a 30% equity stake in the company for $30million in exchange for a five-year restriction on marketing the terminal to Merrill Lynch's competitors. Merrill Lynch released IMS from this restriction in 1984.

In 1986, the company renamed itself Bloomberg L.P. (limited partnership). Bloomberg launched Bloomberg Business News, later Bloomberg News, in 1990, with Matthew Winkler as editor-in-chief.