1010data, Inc. (“1010data”), provider of the only Big Data Discovery and data sharing platform that combines cloud-based analytics with access to disruptive datasets on a single platform, and Advance/Newhouse (an affiliate of Advance Publications, “Advance”), a privately held global and diversified media group, jointly announced today that Advance has acquired 1010data for $500 million.
“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.”
Through this transaction, Advance will provide 1010data with the capital required to accelerate the market adoption of its platform, whose disruptive value proposition has been challenging the traditional business intelligence and data warehouse vendors. 1010data management will continue to lead the company, retaining a stake in the new entity. 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, while maintaining the high level of support that customers have come to rely upon.
“Advance is the perfect partner to help us maximize our growth potential as they fully recognize how revolutionary and impactful our technology can be,” said Sandy Steier, Co-founder and CEO of 1010data. “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.”
Over the past several years, 1010data has continued to increase its customer base, grow its best-in-class engineering and data science team, expand its technology product offering, and unveil new and unique datasets on its platform. More than 750 leading banking, retailing, manufacturing, gaming and telecommunication companies leverage 1010data to manage and analyze more than 21 trillion rows of data.
Norwest Venture Partners made a $35 million private equity investment in 1010data in 2010, which was the first and only investment in the founder-owned business.
“We recognized 1010data’s disruptive technology well before Big Data was commonplace and knew the company would transform the data analytics market as it expanded its impressive blue chip customer base beyond financial services,” said Jon Kossow, general partner at Norwest and former 1010data board member. “This partnership with Advance will enable 1010data to further expand its product offering, global customer footprint and market leadership position.”
BMO Capital Markets acted as exclusive financial advisor to 1010data and Foros acted as exclusive financial advisor to Advance.