MasterCard Worldwide is parting ways with TowerGroup Inc., the Needham, Mass., research firm it bought in 2004.

Corporate Executive Board Co. (CEB) said Wednesday that it would buy TowerGroup; it did not disclose the price. Headquartered in Washington, D.C., CEB is a research firm that serves senior executives across the human resources, legal, finance, IT and sales and marketing functions at corporations, financial services institutions, government agencies and not-for-profit groups worldwide.

TowerGroup, founded in 1993, has 27 analysts who focus on financial services, retail, insurance and corporate strategy.

"After a strategic review of our advisory capabilities, we have decided to focus on information and analytics as opposed to subscription-based research offerings," MasterCard said.

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