Nokia to acquire predictive analystics firm, Medio systems
13 June 2014
Nokia Here Maps, Nokia's mapping and location service division, plans to acquire Medio Systems, a US firm that specialises in predictive analytics.
The company, did not disclose the terms of the deal, but said the buyout was likely to close by the end of July, The Inquirer reported.
The firm was hoping that Medio Systems' expertise in real-time predictive analytics would add muscle to its mapping service with personalised maps and location services, as the firm looked to take on Google Maps.
Earlier this week Apple picked up Spotstter - a geolocation recommendations service.
According to Nokia Here CEO, Michael Halbherr, what he called the age of cognitive mapping had dawned in which maps would understand their environment and anticipate people's intent in order to deliver interactive and smart location experiences.
He added the company extended Medio's talent and technology that analysed millions of connected devices and billions of interactions that went to strengthen its ability to deliver highly personalised maps and location services for whatever people face throughout their day.
For instance with Media onboard, Nokia could deliver personalised restaurant recommendations to Here users, or routes based on their driving style.
According to commentators, the purchase boosted the ability of Nokia to provide personalised maps and services using predictive data, according to a statement today from the company.
Seattle-based Medio, founded in 2004, is owned by Accel Partners, Frazier Technology Ventures, Mohr Davidow Ventures and Trilogy Equity Partners. It has 70 employees.
Nokia which had undertaken a major rejig effort was expanding into new fields after the sale of its mobile-phone unit to Microsoft Corp for about $7.5 billion in April, Bloomberg reported. While Nokia generated most of its revenue from wireless-network equipment, it was seeking to make its maps unit a stronger competitor against rivals.
According to Halbherr, there were many analytics platforms out there, but very few had gone into predictive analytics. He added, the company wanted to ensure the foundation was extremely solid so its investments really focused on capabilities.
Medio's technology would give users of Nokia's maps access to customised data that matched interests and habits, which could be restaurant recommendations for somebody ready for lunch, route instructions based on weather conditions and driving styles, or helping businesses personalise customer offerings.