The world’s biggest data-analytics startup, Inova, is looking to get back into data analysis with its $2.3 billion acquisition of the data-science startup Spatial Intelligence.
Posted September 15, 2018 07:53:20Inova, a data-analysis startup based in New York, has a big problem.
The company is just a few years out from its IPO, and its data-driven software is already used by over 100 million businesses around the world.
Yet the company has struggled to find customers who want to work with it, and it has had trouble attracting investors.
It has also struggled to attract talent from big data companies.
“We have a lot of challenges and we have a long way to go before we can start to take our product to market,” said CEO James Smith in an interview with The Irish Press.
Inova’s CEO, James Smith, said the acquisition will allow it to work more with other data-mining companies that have similar business models to Inova.
The acquisition will give Inova access to a growing and rapidly expanding network of data scientists and analysts, including Google and Facebook, which have been key players in the recent explosion of big data in the world of business analytics.
In addition to Google and Microsoft, other companies Inova has been working with include Microsoft, IBM, Accenture, IBM Watson and Intel.
“We will use that data to better understand our customers, and make better business decisions,” Smith said.
The acquisition will also give Inva access to Spatial intelligence, a new and growing technology company based in Ireland that has attracted big names like Google, Facebook and Amazon.
The firm is also working with Facebook to build a predictive analytics platform.
In addition, the acquisition is expected to help Inova get its software onto a wide range of consumer devices that can be used to analyse the data.
Smith said the partnership will allow Inova to focus on the business-to-business use case of analysing customer data and making business decisions.
The technology company will continue to grow its business, Smith said, but it will also become more focused on its commercial work, which involves analyzing and delivering business-specific data to businesses.
“That will allow us to be more competitive in a very broad and fast-growing market,” Smith added.
In the meantime, Inva will continue developing its own software, and Smith expects the software will be more than enough to help it scale.
“That is our business,” he said.
“I believe it will be the best thing we have ever done, and that’s what makes us very excited about it.”
The acquisition is subject to regulatory approval.