Business intelligence service provider digiMine Inc announced plans to acquire data mining software company CoRelation.
The acquisition will allow digiMine to add CoRelation’s Adaptive Merchandising Platform (or CAMP) and Application Specific Algorithm technologies, which are used for predictive data mining and personalization for multi-channel retailers, to its hosted data warehousing and data mining services.
“By integrating the technologies and intellectual horsepower of digiMine and CoRelation, we accelerate the development and delivery of state-of-the-art data mining services, enabling businesses to discover meaningful patterns in their data and apply that knowledge to improve efficiency,” said Usama Fayyad, CEO and president of digiMine, in Bellevue, Wash.
Omar Tawakol, CEO and president of CoRelation, in Menlo Park, Calif., said the merger of the two companies’ technologies would help fulfill the promise of data mining in business.
“This is a perfect match of complementary technology and people,” Tawakol said.
Both companies are privately held. DigiMine was founded last year by three former Microsoft Corp executives, led by Fayyad. CoRelation was started in late 1999 by former managers of Liberate Technologies (formerly Network Computer Inc), Compaq Computer Corp and Sapient.
The value of the acquisition was not disclosed.
By: Dennis Callaghan
Source: eWeek / PDF