Near founder and CEO Anil Mathews informed me that his firm processes information across the on-line and offline habits of 1.6 billion shoppers every month: “We marry these two worlds and fill within the hole.”
Teemo, in the meantime, is location intelligence firm based mostly in Paris. Mathews mentioned that Singapore-headquartered Close to has been increasing “east to west,” so by buying Teemo, it’s going to have a beachhead to increase all through Europe — for instance by getting direct entry to the quite a few huge manufacturers headquartered in Paris.
And whereas Mathews described Close to as an organization that has “from day one put privateness within the entrance seat,” he additionally urged that Teemo has distinctive benefits on this space, notably in terms of Europe’s Common Information Safety Regulation.
“Teemo could be very pro-privacy,” he mentioned. “They have been the primary firm licensed by the French Information Safety Officer as GDPR compliant.” (That certification got here after it was one of many first corporations to be admonished under GDPR.)
Teemo’s founder and CEO Benoit Grouchko will turn out to be Close to’s chief privateness officer, and the remainder of the Teemo workforce shall be becoming a member of Close to as properly, Mathews mentioned. One other huge asset: This can give Close to entry to Teemo’s GDPR-compliant client information (which he mentioned shall be saved in European information facilities and proceed to be dealt with in totally GDPR-compliant methods).
Close to may probably increase into different markets by making comparable acquisitions sooner or later, Mathews added.
The monetary phrases of the acquisition weren’t disclosed. Formerly known as Databerries, Teemo has raised a complete of $17.9 million in funding from buyers comparable to Index Ventures and Mosaic Ventures.
“We’re very excited to hitch the Close to household with whom we share a standard DNA of expertise and efficiency,” Grouchko mentioned in an announcement. “This can permit us to be stronger and to develop even quicker, past the French market.”
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