digiMine to Acquire Personalization Systems Firm CoRelation

BELLEVUE, Wash. (VENTUREWIRE) — DigiMine, a provider of hosted business intelligence services, said it will acquire CoRelation, a data mining and personalization systerms firm, for an undisclosed amount of stock. DigiMine said it will incorporate CoRelation’s technology, intellectual property, and customer base into its operations. DigiMine will retain all 12 employees of CoRelation and relocate the technical team to digiMine’s Bellevue office, a digiMine spokesperson said. He added that CoRelations’ business development team ad sales group will remain in the San Francisco Bay area and Chicago, respectively. Omar Tawakol, president and CEO of CoRelation, will become vice president of business development at digiMine. CoRelation was founded in 1999 by a group of senior managers from Compaq, Liberate, and Sapient. Its backers include Adam, Ventures, Green Spring Ventures, Wilson Sonsini Goodrich & Rosati, and individuals. DigiMine, which was founded in March 2000, has raised about $25 million in funding to date from Angel Investors LP, Cedar Grove Investments, Deutsche Bank Technology Fund, Kellet Investments, Mayfield, and Second Avenue Partners. The company plans to raise additional funding and reach profitability by the end of 2002.

Source: venture wire / PDF

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