Conde Nast and Bright House Networks parent Advance/Newhouse is going for a big deal on Big Data. The media giant has agreed to acquire a big data analytics company, 1010data (News - Alert), in a deal worth $500 million.
1010data CEO Sandy Steier and his management team will continue to run the company as a division within Advance, and retain a stake. He said that there will be no disruption to its customers, employees nor to its business as a result of the acquisition—In fact, 1010data will "leverage Advance's significant resources" for customers, he said, which total about 750 in the banking, retailing, manufacturing and telecom verticals.
1010data’s platform combines cloud-based analytics with access to disruptive datasets on a single platform. In addition to serving external customers, the platform could allow Conde Nast, the publisher of Vanity Fair, the New Yorker, Vogue and Wired and Bright House Networks to use 1010data’s big data discovery platform to analyze the success of advertising buys, streamline operations and complement its media activities.
“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 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.”
The new capital will be used primarily to invest in the platform, scale sales and marketing operations, expand product offerings and grow into new industries and geographies.
For more on 1010data, check out our series of video interviews with them, available here. CEO Steier explains the growing role of Big Data analytics for vertical enterprises, why the company’s spreadsheet-like interface is differentiated from the competition, and how the privately held company has grown from startup to processing trillions of analytics events at scale.