Advance is buying 1010data for $500m
Advance/Newhouse, the parent company of Advance Publications – owner or majority stakeholder in some of the world’s largest digital publications including Condé Nast and Reddit – announced this week it has acquired analytics and data warehouse specialist 1010data for $500m.
Advance said it intends to help scale 101data’s operations globally, with the capital being used to invest strongly in sales, marketing and engineering efforts.
“Advance believes that 1010data has a compelling vision for helping businesses unlock their true potential through data. It has created a truly innovative approach that is speeding this transition across industries,” said Nomi Bergman, president of Advance’s cable television affiliate, Bright House Networks, and a new member of 1010data’s Board.
“We believe that in the 21st century data and analytics platforms will be a core building block of all businesses. The opportunities that lie ahead for 1010data are boundless, and through our acquisition of 1010data, we are excited to partner with the company’s management team and provide the resources it needs to capitalize on all of them,” Bergman said.
1010data offers big data discovery and data sharing platforms as well as an integrated big data cloud service that can be used to analyse large datasets; it can also be plugged in to third party big data applications and mash up data from a range of sources.
The company claims to have over 750 customers across a range of sectors including telecoms, manufacturing and engineering.
Sandy Steier, co-founder and chief executive of 1010data said: “Advance is the perfect partner to help us maximize our growth potential as they fully recognize how revolutionary and impactful our technology can be. Becoming a part of Advance ensures that there will be no disruption to our customers, our employees or our business while enabling our organization to scale at an even faster rate. We are very excited about being able to leverage Advance’s significant resources to deliver an even better solution for our customers.”