Israeli business intelligence company Sisense has announced that it has acquired US analytics platform Periscope Data for more than $100 million. The entire deal is in shares rather than cash. Sisense also announced that after the merger, the combined company's annual revenue will be more than $100 million from over 2,000 customers.
Periscope Data was founded in 2012 and has raised $50 million from investors including Bessemer Venture Partners and Eric Schmidt's Innovation Endeavors. Periscope Data has 150 employees in Silicon Valley where Sisense already has an office and several dozen employees. After the acquisition, Sisense will have over 700 employees worldwide most of them in Tel Aviv, San Francisco, and New York. Periscope Data's founders Harry Glaser and Tom O’Neill will remain with the merged company.
Sisense was founded in 2004 by Aviad Harell, Elad Israeli, Eldad Farkash, Adi Azaria and Guy Boyangu and is managed by CEO Amir Orad. The company has raised $200 million to date including $80 million last September in a financing round led by US fund Insight Venture Partners.
The system developed by Sisense allows organizations to translate complex, large and dispersed data into smart visual analytical applications, which present major real-time insights to the organization's employees and customers. Sisense's customers include General Electric, Nasdaq, Philips, Spotify, and Wix.
Orad told "Globes" that Sisense and Periscope Data complement each other. While Sisense provides products to the operational staff of an organization like the CFO and COO, Periscope Data's products targeted the data scientists in an organization. He added that both these groups within an organization tend not to work with each other and have different needs. Now they will receive a unified platform that will connect the two groups. Orad said that Sisense and Periscope Data have been in talks about a merger for more than a year, which have stressed their shared DNA, which he observes is very similar.
Published by Globes, Israel business news - en.globes.co.il - on May 15, 2019
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