Connotate, Inc., a New Jersey-based provider of data mining software, announced that it has acquired Fetch Technologies, a data mining firm with a strong footprint in the retail sector. Terms of the deal were not disclosed.
Founded in 2000 based on technology developed at Rutgers University, Connotate provides customized search software that collects, organizes, and monitors web content. One of its strengths is creating structured data from the web, such as creating a time series of pricing data from internet websites. This data can then be transformed into what the company refers to as “high-value information assets”, to feed asset manager valuation models, or for analysis of revenue trends of publicly traded stocks. Customers include asset managers as well as media companies such as Reuters, Dow Jones & Company, Associated Press and McGraw-Hill.
Connotate has raised $5.25 million in funding, including private equity investment in June, 2010. At one point it was part of Goldman Sachs’ Hudson Street platform, also receiving investment from Goldman’s private equity group in 2007.
El Segundo-based Fetch Technologies was a spinout from the University of Southern California Information Sciences Institute’s Artificial Intelligence (AI) research. Prior to its acquisition by Connotate, Fetch Technologies had raised at least $5.7M in funding.
Fetch Technologies helps companies access massive amounts of real-time Internet data, especially in the areas of retail and background checks. The company pulls in everything from pricing data for retailers and shopping engines to criminal background history or news stories. Customers include Shopzilla.
Combining the two companies allows Connotate to extend its footprint and meet the growing demand for solutions that monitor, aggregate and deliver real-time Web data—delivering any data from any site at any time in a structured format. A recent IDC report forecasts that spending on ‘big data’ analytics will grow from $3.2 billion in 2010 to $16.9 billion in 2015. Last week, we reported on recent studies analyzing web search data for early insights on pending economic releases and financial market data.