Media intelligence provider Meltwater has announced its acquisition of Algo, a real-time data analytics platform informed by machine learning. The financial terms of the deal were not disclosed.
In acquiring Algo, Meltwater is seeking to strengthen its media analytics and insights platform. Meltwater said Algo’s technology identifies trends from tens of millions of real-time data points and determines which information is spreading the most rapidly. It uses machine learning and natural-language processing to organize online semantic data.
“In this day and time we are all drowning in data. Meltwater’s goal is to give our clients access to smart technology that can cut through the clutter and extract critical insights from billions of data points -- data points which would be impossible for a human being to make sense of,” stated Jorn Lyseggen, CEO of Meltwater. “There is a vast amount of external data that companies today largely overlook containing real-time information about how competitors invest, how they hire, how they spend their ad budget, and how their products are received in the market.”
The acquisition of Algo comes after several key artificial intelligence-based (AI) acquisitions for Meltwater, including Hong Kong-based social data SaaS firm Klarity, and earlier this year, Wrapidity, which added AI-power media-monitoring capabilities.