1010Data, the US-based big data company backed by Wells Fargo-affiliated venture capital firm Norwest Venture Partners, was acquired by media company Advance Publications for $500m yesterday.
Advance completed the acquisition through its subsidiary Advance/Newhouse. Norwest, which is entirely funded by Wells Fargo, invested $35m in 1010Data in 2010.
Founded in 2000, 1010Data has developed technology that enables companies to analyse, monetise and share big data on a cloud-based platform.
The acquisition is set to provide 1010Data with the necessary cash to grow its market share by further developing the platform, increasing sales and marketing efforts, and expanding into more countries. The company’s existing management will stay with 1010Data.
Sandy Steier, co-founder and chief executive of 1010Data, said: “Becoming a part of Advance ensures that there will be no disruption to our customers, our employees or our business while enabling our organisation 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.”