Tech entrepreneurial firm Silverback Enterprise Group has announced a deal to buyout BI vendor Noetix, intending to branch out its niche stable of business intelligence offerings to address broader enterprise software trends.
Financial terms of the deal were not disclosed. It was the sixth acquisition by Silverback in the last two years, including cloud PPM vendor Upland. Based in the capitol of Texas, Silverback is primarily funded by Austin Ventures, a venture capital firm that boasts $3.9 billion in capital raised. Noetix Executive Chairman Jack McDonald carries the titles of chairman and CEO at Silverback.
In a statement on the deal, Silverback marked its intent to invest in the development and marketing of Noetix’s BI offerings, as well as make them a launching pad for “a broader range of BI solutions ... including data integration, master data management, data quality, big data and cloud-based BI solutions.” McDonald, who until 2009 was president and CEO of IT consultancy Perficient, pointed in particular to the growing market to handle both structured and unstructured data with Noetix’s products and patented metadata capabilities.
Existing Noetix management will remain in place and existing SLA and support arrangements will remain unchanged, according to Silverback.
Noetix was founded in 1994 and is based in Redmond, Wash. At the close of its 2012 fiscal year in March, Noetix stated it had achieved “record” annual revenue for last year with a 20-percent increase in revenue compared with 2011. Since 2009, Noetix has pushed its Noetix Analytics product front-and-center – reporting customer adds of late such as Fidelity Investments and Xerox – though in the last few months, the vendor has released updates to integrate with QlikView and added to its complimentary Oracle stable.
Gartner Research recently revised its 2012 BI spending review to $13.1 billion, down about $700 million from previous reviews, with the reduction of traditional software but increased interest in SaaS and discovery capabilities.
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