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Connotate Experiences Record Business Growth in First Quarter of 2012Series B Funding, Acquisition of Fetch Technologies and Big Data Momentum Fuel Record Sales Growth (April 24, 2012)
NEW BRUNSWICK, NJ -- (Marketwire) -- 04/24/12 -- Connotate, Inc. (www.connotate.com), the leading provider of solutions that help organizations monitor and collect data and content from the Web, today announced impressive momentum for the first quarter of 2012, building on the company's very successful 2011. During the quarter, Connotate appointed Keith Cooper as CEO, acquired its major competitor Fetch Technologies, successfully secured a round of venture capital funding and significantly increased the scale of customer deployments and revenues.
"Connotate's high growth rate is a testament to the importance of Big Data and the strength of our technology and people," said Keith Cooper, CEO Connotate. "Big Data continues to be the new black with Global 2000 businesses but the ability to effectively and reliably leverage the precise data elements from these ever-growing Big Data sets will separate the best companies from the rest of the pack. We remain focused on solving that problem and delivering solutions that will enable the best data elements to be delivered to analytics models, fueling the strategic insights needed to drive top line performance and bottom line results."
Connotate highlights of Q1 include:
Appointment of New CEO
- Connotate welcomed Keith Cooper as newly appointed CEO in February 2012. Keith brings more than 20 years of experience as CEO to the company. Three of Cooper's most recent leadership roles include serving as President of Carbonite, an online backup company that grew to over 1 million customers, was ranked ninth on the Inc. 500 list, and completed a successful IPO in 2011; CEO at webHancer Corporation, a company Cooper led and successfully sold to Microsoft; and CEO of FaxNet, a leading provider of messaging solutions to large telecom companies which was acquired by Critical Path.
Acquisition of Fetch Technologies
- Connotate announced that it had acquired Fetch Technologies, the leader in making Web data accessible and useful for the enterprise, in March 2012.
- The merger of Connotate and Fetch combines two leading companies in the data extraction and monitoring space, fast-tracking product development and allowing them to operate under a unified vision to deliver tremendous value to customers.
- Connotate broadens its global footprint while meeting the growing demand for solutions that monitor, extract and aggregate real-time Web data that can be leveraged in all kinds of analytics models.
Secured Series B Funding
- Connotate raised $7 million in Series B Funding led by Castile Ventures, Prism VentureWorks and .406 Ventures. The new capital will be applied towards establishing a world-class partner program and international expansion in key vertical markets including database & data processing services, management financial consulting services, credit reporting and collections services, software development and design, publishing, retail, advertising & marketing business services and healthcare.
- The funding enables Connotate's expansion into international markets. The company has set up an office in the United Kingdom to build critical relationships with overseas clients.
- Connotate's product roadmap will also be greatly enhanced by the infusion of capital. Its flagship Web data collection and monitoring solution will soon be packaged for specific verticals and applications. For instance, a company looking to leverage Connotate for competitive intelligence will soon be offered a complete solution -- with the Connotate technology at the core -- to meet this objective.
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For organizations in which content and data are vital to success, Connotate is the Web collection company that puts the power of Web data monitoring and collection into the hands of the business user. Through an easy-to-use 'point and click' interface and patented algorithms, Connotate delivers the scalability, reliability and resiliency necessary to drive strategic value from dynamic, Web sources. With benefits ranging from increased productivity, competitive advantages and dramatic operational cost savings, Connotate's growing customer list includes global businesses such as McGraw-Hill, Associated Press and Thomson Reuters. Connotate has been named a KMWorld "Trend-Setting Product" for the past six years. Connotate announced the acquisition of Fetch Technologies in March 2012. For more information, please visit http://www.connotate.com/.
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