Digi.me, a UK-based data exchange platform backed by reinsurer Swiss Re, agreed a merger with US-based machine-readable data provider Personal today.
Digi.me runs a platform that allows users to aggregate their social media data and share it with companies in order to get more specified services. Personal has built a secure online platform called TeamData that consumers and businesses can use to store and manage their data.
The deal will create a service that will enable businesses and individual users to store their data and control who it is supplied to and used by.
The merged company will be known as Digi.me and headquartered in the UK, while TeamData will be spun out as a US-based enterprise data security technology provider.
Julian Ranger, Digi.me’s founder and chairman, said: “We are excited to bring together the best of Digi.me and Personal to accelerate the growth of our combined products and network of partners.
“We have each built complementary infrastructure and products necessary for individuals to easily aggregate and share data whilst maintaining its security and privacy. It is a win-win for individuals and for companies who embrace this model of transparency and trust.”
The companies had raised more than $45m between them, they said. Digi.me had disclosed approximately $11.2m in funding, including $7m in a Swiss Re-led series A round that closed in September 2016, and which included Omidyar Network.
Personal has disclosed almost $25m in equity funding through press releases and regulatory filings from investors including Grotech Ventures, Revolution, Allen & Company and TCS Capital Management.