Jul
10
2018
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Box acquires Butter.ai to make search smarter

Box announced today that it has acquired Butter.ai, a startup that helps customers search for content intelligently in the cloud. The terms of the deal were not disclosed, but the Butter.AI team will be joining Box.

Butter.AI was started by two ex-Evernote employees, Jack Hirsch and Adam Walz. The company was partly funded by Evernote founder and former CEO Phil Libin’s Turtle Studios. The latter is a firm established with a mission to use machine learning to solve real business problems like finding the right document wherever it is.

Box has been adding intelligence to its platform for some time, and this acquisition brings the Butter.AI team on board and gives them more machine learning and artificial intelligence known-how while helping to enhance search inside of the Box product.

“The team from Butter.ai will help Box to bring more intelligence to our Search capabilities, enabling Box’s 85,000 customers to more easily navigate through their unstructured information — making searching for files in Box more contextualized, predictive and personalized,” Box’s Jeetu Patel wrote in a blog post announcing the acquisition.

That means taking into account the context of the search and delivering documents that make sense given your role and how you work. For instance, if you are a salesperson and you search for a contract, you probably want a sales contract and not one for a freelancer or business partnership.

For Butter, the chance to have access to all those customers was too good to pass up. “We started Butter.ai to build the best way to find documents at work. As it turns out, Box has 85,000 customers who all need instant access to their content. Joining Box means we get to build on our original mission faster and at a massive scale,” company CEO and co-founder Jack Hirsch said.

The company launched in September 2017, and up until now it has acted as a search assistant inside Slack you can call upon to search for documents and find them wherever they live in the cloud. The company will be winding down that product as it becomes part of the Box team.

As is often the case in these deals, the two companies have been working closely together and it made sense for Box to bring the Butter.AI team into the fold where it can put its technology to bear on the Box platform.

“After launching in September 2017 our customers were loud and clear about wanting us to integrate with Box and we quickly delivered. Since then, our relationship with Box has deepened and now we get to build on our vision for a MUCH larger audience as part of the Box team,” the founders wrote in a Medium post announcing the deal.

The company raised $3.3 million over two seed rounds. Investors included Slack and General Catalyst.

Jun
26
2018
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Ping Identity acquires stealthy API security startup Elastic Beam

At the Identiverse conference in Boston today, Ping Identity announced that it has acquired Elastic Beam, a pre-Series A startup that uses artificial intelligence to monitor APIs and help understand when they have been compromised.

Ping also announced a new product, PingIntelligence for APIs, based on the Elastic Beam technology. They did not disclose the sale price.

The product itself is a pretty nifty piece of technology. It automatically detects all the API IP addresses and URLs running inside a customer. It then uses artificial intelligence to search for anomalous behavior and report back when it finds it (or it can automatically shut down access depending on how it’s configured).

“APIs are defined either in the API gateway because that facilitates creation or implemented on an application server like node.js. We created a platform that could bring a level of protection to both,” company founder Bernard Harguindeguy told TechCrunch.

It may seem like an odd match for Ping, which after all, is an enterprise identity company, but there are reasonable connections here. Perhaps the biggest is that CEO Andre Durand wants to see his company making increasing use of AI and machine learning for identity security in general. It’s also worth noting that his company has had an API security product in its portfolio for over five years, so it’s not a huge stretch to buy Elastic Beam.

With this purchase, Ping has not only acquired some advanced technology, it has also acqui-hired a team of AI and machine learning experts that could help inject the entire Ping product line with AI and machine learning smarts. “Nobody should be surprised who has been watching that Ping will drive machine learning AI and general intelligence into our identity platform,” Durand said.

Harguindeguy certainly sees the potential here. “I think we can over time bring a high level of monitoring and intelligence to Ping to understand whether an identity may have been used by someone else or being misused somehow,” he said.

Elastic Beam interface. Photo: Elastic Beam website

Harguindeguy will join Ping Identity as Senior Vice President of Intelligence along with his entire team. Neither company would divulge the exact number of employees, but Durand did acknowledge it fell somewhere between the 11 and 50 mentioned in the company Crunchbase profile. The original team consisted of around 10 according to  Harguindeguy and they have been hiring for some time, so fair to say more than 11, but less than 50.

Harguindeguy says they were pursued by more than one company (although he wouldn’t say who those other companies were), but he felt that Ping provided a good cultural match for his company and could take them where they wanted to go faster than they could on their own, even with Series A money.

“We realized this is going to be really big. How do we go after the market really strongly really fast? We saw that we could fuse this really fast with Ping and have strong go to market with them,” he said.

Durand acknowledged that Ping, which was itself acquired by Vista Equity Partners for $600 million two years ago, couldn’t have made such an acquisition without the backing of a larger firm like this. “There was there was no chance we could have done either UnboundID (which the company acquired in August 2016) or Elastic Beam on our own. This was purely an artifact of being part of the Vista family portfolio,” he said.

PingIntelligence for APIs, the product based on Elastic Beam’s technology, is currently in private preview. It should be generally available some time later this year.

Jun
13
2018
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Tableau gets AI shot in the arm with Empirical Systems acquisition

When Tableau was founded back in 2003, not many people were thinking about artificial intelligence to drive analytics and visualization, but over the years the world has changed and the company recognized that it needed talent to keep up with new trends. Today, it announced it was acquiring Empirical Systems, an early stage startup with AI roots.

Tableau did not share the terms of the deal.

The startup was born just two years ago from research on automated statistics at the MIT Probabilistic Computing Project. According to the company website, “Empirical is an analytics engine that automatically models structured, tabular data (such as spreadsheets, tables, or csv files) and allows those models to be queried to uncover statistical insights in data.”

The product was still in private Beta when Tableau bought the company. It is delivered currently as an engine embedded inside other applications. That sounds like something that could slip in nicely into the Tableau analytics platform. What’s more, it will be bringing the engineering team on board for some AI knowledge, while taking advantage of this underlying advanced technology.

Francois Ajenstat, Tableau’s chief product officer says this ability to automate findings could put analytics and trend analysis into the hands of more people inside a business. “Automatic insight generation will enable people without specialized data science skills to easily spot trends in their data, identify areas for further exploration, test different assumptions, and simulate hypothetical situations,” he said in a statement.

Richard Tibbetts, Empirical Systems CEO, says the two companies share this vision of democratizing data analysis. “We developed Empirical to make complex data modeling and sophisticated statistical analysis more accessible, so anyone trying to understand their data can make thoughtful, data-driven decisions based on sound analysis, regardless of their technical expertise,” Tibbets said in a statement.

Instead of moving the team to Seattle where Tableau has its headquarters, it intends to leave the Empirical Systems team in place and establish an office in Cambridge, Massachusetts.

Empirical was founded in 2016 and has raised $2.5 million.

Jun
08
2018
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Workday acquires Rallyteam to fuel machine learning efforts

Sometimes you acquire a company for the assets and sometimes you do it for the talent. Today Workday announced it was buying Rallyteam, a San Francisco startup that helps companies keep talented employees by matching them with more challenging opportunities in-house.

The companies did not share the purchase price or the number of Rallyteam employees who would be joining Workday .

In this case, Workday appears to be acquiring the talent. It wants to take the Rallyteam team and incorporate it into the company’s engineering unit to beef up its machine learning efforts, while taking advantage of the expertise it has built up over the years connecting employees with interesting internal projects.

“With Rallyteam, we gain incredible team members who created a talent mobility platform that uses machine learning to help companies better understand and optimize their workforces by matching a worker’s interests, skills and connections with relevant jobs, projects, tasks and people,” Workday’s Cristina Goldt wrote in a blog post announcing the acquisition.

Rallyteam, which was founded in 2013, and launched at TechCrunch Disrupt San Francisco in September 2014, helps employees find interesting internal projects that might otherwise get outsourced. “I knew there were opportunities that existed [internally] because as a manager, I was constantly outsourcing projects even though I knew there had to be people in the company that could solve this problem,” Rallyteam’s Huan Ho told TechCrunch’s Frederic Lardinois at the launch. Rallyteam was a service designed to solve this issue.

Last fall the company raised $8.6 million led by Norwest Ventures with participation from Storm Ventures, Cornerstone OnDemand and Wilson Sonsini.

Workday provides a SaaS platform for human resources and finance, so the Rallyteam approach fits nicely within the scope of the Workday business. This is the 10th acquisition for Workday and the second this year.

Chart: Crunchbase

Workday raised over $230 million before going public in 2012.

Jun
01
2018
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Box acquires Progressly to expand workflow options

Box announced today that it has purchased Progressly, a Redwood City startup that focuses on workflow. All 12 Progressly employees will be joining Box immediately. They did not disclose the purchase price.

If you follow Box, you probably know the company announced a workflow tool in 2016 called Box Relay along with a partnership with IBM to sell it inside large enterprises. Jeetu Patel, chief product officer at Box says Relay is great for well defined processes inside a company like contract management or employee on-boarding, but Box wanted to expand on that initial vision to build additional types of workflows. The Progressly team will help them do that.

Patel said that the company has heard from customers, especially in larger, more complex organizations, that they need a similar level of innovation on the automation side that they’ve been getting on the content side from Box.

“One of the things that we’ve done is to continue investing in partnerships around workflow with third parties. We have actually gone out and built a product with Relay. But we wanted to continue to make sure that we have an enhancement to our internal automation engine within Box itself. And so we just made an acquisition of a company called Progressly,” Patel told TechCrunch.

That should allow Box to build workflows that not only run within Box, but ones that can integrate and intersect with external workflow engines like Pega and Nintex to build more complex automation in conjunction with the Box set of tools and services. This could involve both internal employees and external organizations and moving content through a much more sophisticated workflow than Box Relay provides.

“What we wanted to do is just make sure that we double down in the investment in workflow, given the level of appetite we’ve seen from the market for someone like Box providing a solution like this,” Patel explained.

By buying Progressly, they were able to acquihire a set of employees who have a focussed understanding of workflow and can help continue to build out that automation engine and incorporate it into the Box platform. Patel says how they could monetize all of this is still open to discussion. For now, the Progressly team is already in the fold and product announcements based on this acquisition could be coming out later this year.

Progressly was founded in 2014 and was headquarted right down the street from Box in Redwood City. The company has raised $6 million, according to data on Crunchbase.

Mar
07
2018
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S&P Global snares Kensho for $550 million

S&P Global announced today that it will acquire Kensho, a Cambridge, Massachusetts startup that has concentrated on artificial intelligence and analytics for big financial institutions. The total value of the deal is $550 million in a mix of cash and stock.

Kensho, which counted S&P Global as a client/partner and an investor, launched in 2013 and has raised $67.5 million, according to Crunchbase. The most recent funding round was in fact led by S&P Global for $50 million in February 2017. They apparently liked Kensho so much, they bought the company.

“In just a short amount of time, Kensho’s intuitive platforms, sophisticated algorithms and machine learning capabilities have established a wide following throughout Wall Street and the technology world,” S&P global president and CEO Douglas Peterson said in a statement announcing the deal.

The company doesn’t have small goals. Its stated mission involves solving some of the biggest analytical problems of our time — no pressure or anything. In additional to financial services, the company also has a division called Koto, which concentrates on national security.

As you would expect in a deal like this, Kensho sees S&P Global providing it with financial resources it couldn’t provide alone through conventional funding channels. To solve those big artificial intelligence problems requires world-class engineers, and that requires an owner or investor with deep pockets. They got that with today’s announcement.

The good news for Kensho and its customers is that S&P Global intends to mostly leave it alone and let it do what it’s been doing. It will continue to operate as an independent brand out of its Cambridge offices.

Per usual, the deal is going to be subject to regulatory approval before it closes, but it’s not every day you have a company be your client, your investor and your owner, but that’s what happened to Kensho today as it scored the investment hat trick.

Feb
16
2018
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Oracle grabs Zenedge as it continues to beef up its cloud security play

 Oracle announced yesterday that it intends to acquire Zenedge, a 4-year old hybrid security startup. They didn’t reveal a purchase price. With Zenedge, Oracle gets a security service to add it to its growing cloud play. In this case, the company has products to protect customers whether in the cloud, on-prem or across hybrid environments. The company offers a range of services from… Read More

Feb
12
2018
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Billionaire investors Icahn and Deason write blog post slamming Xerox-Fuji deal

 Carl Icahn and Darwin Deason are a couple of seasoned billionaire investors, who know a bad deal when they see it, and they definitely don’t like the $6.1 billion deal announced last month to combine Fuji with Xerox. In a blog post published today, they are urging fellow shareholders to reject the offer. You may recall that it was Icahn and Deason, who together own a 15 percent stake in… Read More

Nov
15
2017
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Two compliance companies merge to build a $100M firm

 Once upon a time there were two compliance companies. Smarsh was owned by Los Angeles-based private equity firm, K1 Investment Management. It worked with mostly SMBs. Another called Actiance worked with larger companies like the world’s biggest banks. This is the story of how K1 is bringing these two companies together.
Both companies are focused on archiving and compliance around… Read More

Nov
02
2017
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VMware acquires VeloCloud as it moves deeper into networking

 VMware announced today that it was acquiring VeloCloud, a startup that focuses on cloud-based wide area networks (WAN), those networks that span a broad area across data centers or regions. The companies did not reveal the purchase price.
The news confirms a report that The Information first reported  yesterday.
The company appears to be an excellent fit as one of the primary use cases is… Read More

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