Web data integration solution Import.io has acquired Connotate, a web data extraction platform, for an undisclosed amount.
By completing this acquisition, Import.io is hoping to meet the fast-growing enterprise demand for its solutions.
Connotate will provide Import.io with eight new patents and 70 enterprise customers including, Dow Jones, Cox Automotive, Capital One Services and Moody’s Analytic Knowledge Service. Import.io now serves a customer-based of 850.
Connotate is an automated web data extraction solution which can be used for compliance, risk management, background checks, sales intelligence, financial and market research, and competitive pricing, among other tasks. Financial institutions can utilise Connotate to aid with its AML compliance by continuously monitoring sanction lists.
The platform also helps to evaluate the integrity of potential business partners by monitoring lists and social media, as well as lower financial fraud and identity theft exposures by monitoring government sites.
Import.io is a web data integration platform which enables businesses to generate insights and analytics from their data. The solution can be used to support fraud detection, risk management, KYC, and background check processes.
Through the deal, Import.io will retain the majority of the Connotate team. One result of this is Import.io’s product engineering team now having a head count of 30.
As part of the deal, Connotate founder Vincent Sgro will join the merged company as chief scientist.
Import.io CEO Gary Read said, “With Connotate, Import.io is acquiring blue-chip enterprise customers, innovative technology and outstanding domain expertise, further establishing us as the undisputed leader in Web Data Integration.
“External spend on web data extraction is growing 70 percent annually as organizations shift from internal engineering led projects to enterprise-class SaaS. This acquisition will help us to continue to rapidly scale to meet the exploding demand for our solution and, most importantly, will further enable us to help our customers achieve success and competitive advantage. All customers, whether currently with Connotate or Import.io, will benefit.”
Late last year, Import.io closed its Series B funding round on $15.5m following investments from Talis Capital, IP Group, OpenOcean, Oxford Capital and Wellington Partners. The capital was raised to support the international growth and product building of the startup.
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