🎆 Resolutions for 2025 - Asymmetrix Newsletter #48
A busy year ahead in Data & Analytics
We start the year by discussing what Asymmetrix has in store for you in 2025.
And we report on a large number of deals and funding rounds that have taken place since we last posted three weeks ago.
These include FTV’s take private of marine data provider Windward for £216m, CCC’s acquisition of EvolutionIQ for $730m, and GlobalData’s acquisition of Celent from Oliver Wyman, alongside GlobalData’s announcement of £340m of new debt facilities for M&A.
Out of the eight fundraisings we report on here, low earth orbit satellite data provider ICEYE’s funding round caught the eye. And data sourcing specialist Battlefin’s $4m raise and acquisition of Exabel has garnered a lot of attention in the sector.
In the interest of keeping the newsletter to a manageable length, we have decided not to continue our project of sharing C-suite changes and partnership announcements here. Please contact us directly if you think we have made a terrible mistake and you’d like to see them reinstated!
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📧 If we missed your deal, or you would like to talk, please email us at a.boden@asymmetrix.info.
🎉 One year down, another year begins
It's been almost exactly one year since we started this newsletter, and how far we have come in that time!
From humble beginnings with 50 seed subscribers, the Asymmetrix newsletter has progressed from being a series of (admittedly sometimes rambling) thoughts, to profiles of companies, to, most recently, structured tracking of activity in the sector and analyses of sector trends, read weekly by 1,000 subscribers like you.
Thank you for being with us on the journey so far.
We finished 2024 by outlining a few predictions of what might happen in the Data & Analytics sector this year.
Some of the predictions were very specific - and we have fielded multiple questions from readers asking whether what we had written was the truth. We reiterate - our predictions were not based on inside information - they were merely an extrapolation of existing trends.
And what can you expect from Asymmetrix in 2025? Rest assured that there is plenty in the works.
Overall, our aim is to help you to gain deeper insight into the fascinating sector that is Data & Analytics.
We’re going to do that in a number of ways:
We will release a Data & Analytics product designed to help you to gain deeper insights into the Data & Analytics sector. This won’t be on Substack. We have discussed this with some of you already, and a select number of corporate readers of this newsletter have already indicated a desire to be cornerstone clients.
We’re going to continue to improve the quality of this free Substack newsletter, driven, in part, by the increased insights obtained from our premium product.
We particularly enjoyed meeting many of you in 2024, and we plan to increase our conversations with Data & Analytics participants many times over in 2025, in order to:
Ensure our content (including this Substack) reflects your focus;
Continue to improve the depth of our content;
Introduce you to the right people and businesses to help you to grow.
If we would like to know more about our Data & Analytics product, or if you would just like to introduce yourselves, please do drop us a line at a.boden@asymmetrix.info.
Wishing you all a healthy and productive 2025, from the Asymmetrix team.
M&A and Fundraising
Deal chatter
🔍 Getty Images explores merger with rival Shutterstock.
Getty Images is a NYSE-listed, Seattle, WA, USA-based visual content creator and marketplace.
Shutterstock is a NYSE-listed, New York, NY, USA-based platform for licensing from a collection of 3D models, videos, music, photographs, vectors and illustrations.
According to Bloomberg, Getty has been weighing how to structure a combination that would bring together two of the biggest providers of licensed visual-content in the US.
Getty Images was up 26% to $2.66 at 2:06 p.m. in New York trading Friday, giving the company a market value of about $1.1bn. Shutterstock rose 12% to $32.67, for a market value of about $1.1bn. Before Friday’s gains, Getty had fallen 56% in the past year while Shutterstock had slid 37%, according to data compiled by Bloomberg.
Asymmetrix Sector: Intellectual Property.
🏘️ Mark Allen Group enters exclusive talks with RELX for EG assets.
Mark Allen Group is a private, London, UK-based provider of critical information.
EG (formerly Estates Gazette) is a London, UK-based commercial real estate data platform, part of LexisNexis Risk Solutions, a RELX business.
According to Mark Allen Group, RELX are entering into exclusive discussions with Mark Allen Group in respect of an acquisition of certain of the EG Magazine, EG Events and EG Jobs assets.
Financial terms were not disclosed.
Asymmetrix Sector: Real Estate.
Announced IPO
📈 Aether Holdings announced an $8m IPO.
Aether Holdings, a New York, NY, USA-based platform for investment data analytics and research, filed with the SEC to raise $8m in an initial public offering.
At the midpoint of the proposed $4-$5 range, Aether Holdings would command a market cap of $53m.
The Benchmark Company and Axiom Capital Management are the joint bookrunners on the deal.
Asymmetrix Sector: Financial.
Announced M&A
🌳 Bloomberg acquired Viridios AI’s Carbon Credit Data and Analytics.
Bloomberg, a private New York, NY, USA-based provider of business and financial information, announced the acquisition of a voluntary carbon credit dataset from Veridios Group, a Sydney, NSW, Australia-based global carbon credit origination, climate services and asset management business, backed by Roc Partners.
Financial terms were not disclosed.
Asymmetrix Sector: Environment.
⚓ FTV Capital acquired Windward.
FTV Capital, a New York, NY, USA-based growth equity firm, announced the acquisition of LSE-listed Windward, a London, UK-based provider of forecasting technology in the field of maritime trade.
The valuation was £216m.
Windward was advised by Simon Bridges, Canaccord Genuity, and Chris Emmerson and Daniel Krinsky at Goldman Sachs. FTV Capital was advised by Philippe Noel at Rothschild.
Asymmetrix Sector: Maritime.
🚚 DAT acquired Trucker Tools LLC.
DAT, a Beaverton, OR, USA-based provider of a truckload freight marketplace and data analytics, a business unit of Roper Technologies, announced the acquisition of Trucker Tools, a Reston, VA, USA-based carrier-forward capacity sourcing and load-tracking solution, from ASG, a portfolio company of Alpine Investors.
Financial terms were not disclosed.
Trucker Tools and ASG were advised by Raymond James.
Asymmetrix Sector: Supply Chain.
🎯 Bilendi & Respondi acquired Netquest from NielsenIQ.
Bilendi & Respondi, a Euronext Growth Paris-listed, Paris, France-based market research company, announced the acquisition of Netquest, a Barcelona, Catalunya, Spain-based provider of technology and data for market research, from NielsenIQ.
Financial terms were not disclosed.
Asymmetrix Sector: Market Research.
🌐 Chainalysis acquired Hexagate.
Chainalysis, a New York, NY, USA-based blockchain data platform, backed by Benchmark, Coatue, GIC, Sequoia, Accel, 9Yards Capital, Paradigm and Ribbit Capital, announced the acquisition of Hexagate, a Tel Aviv, Israel-based description, backed by Entree Capital, Samsung Next, INT3, and North First Ventures.
Financial terms were not disclosed, but the valuation is rumoured to be c.$60m.
Asymmetrix Sector: Web3, Cyber security.
🛡️ CCC Intelligent Solutions Inc. acquired EvolutionIQ, Inc.
CCC Intelligent Solutions Inc., a Chicago, IL, USA-based P&C insurance cloud platform, and a subsidiary of CCC Intelligent Solutions Holdings Inc, announced the acquisition of EvolutionIQ, Inc., a New York, NY, USA-based claims guidance platform, backed by First Round Capital and Amasia.
CCC is expected to acquire EvolutionIQ for $730m to be paid for with a combination of approximately 40% CCCS common stock and 60% cash.
CCC was advised by J.P. Morgan and Citi.
Asymmetrix Sector: Insurance.
🏘️ Scout24 SE acquired bulwiengesa AG.
Scout24 SE, a Xetra-listed, Munich, Bavaria, Germany-based real estate data and marketplace provider, announced the acquisition of bulwiengesa AG, a private Berlin, Germany-based data and valuation company for the commercial real estate industry in Germany.
Financial terms were not disclosed.
Asymmetrix Sector: Real Estate.
Stagwell, a NASDAQ-listed, New York, NY, USA-based marketing and communications group, announced the acquisition of UNICEPTA, a private Cologne, Nordrhein-Westfalen, Germany-based provider of media & marketing intelligence.
Financial terms were not disclosed.
Asymmetrix Sector: Marketing.
🤖 LXT acquired clickworker.
LXT, a private, Toronto, ON, Canada-based AI training data provider, announced the acquisition of clickworker, an Essen, Nordrhein-Westfalen, Germany-based provider of crowdsourced data, backed by VCDE Venture Partners, Thümmler GmbH, and SeedCapital Dortmund.
Financial terms were not disclosed.
Asymmetrix Sector: AI.
🩺 HEALWELL AI acquired Orion Health.
HEALWELL AI, a TSX-listed, Toronto, ON, Canada-based healthcare technology company, announced the acquisition of Orion Health, a private, Auckland, New Zealand-based subscription license and services revenue business.
HEALWELL will pay approximately CAD144m upfront of which a minimum of CAD86m will be paid in cash and the balance will be paid in HEALWELL stock in addition to CAD20.5m in a 3-year performance earnout to acquire Orion Health.
Orion Health is expected to generate over CAD100m in revenues mostly from subscription license and services and over CAD20m in EBITDA in calendar 2025.
HEALWELL was advised by JP Morgan.
Asymmetrix Sector: Healthcare.
💻 GlobalData Plc acquired Celent from Marsh McLennan's Oliver Wyman Group.
GlobalData Plc, an LSE-listed, London, UK-based data, analytics, and insights platform, announced the acquisition of Celent, a Boston, MA, USA-based research and advisory firm, backed by Marsh McLennan's Oliver Wyman Group.
Financial terms were not disclosed.
Asymmetrix Sector: Technology.
BattleFin, a Rowayton, CT, USA-based alternative data discovery platform, backed by AWC and Jefferies, announced the acquisition of Exabel, an Oslo, Norway-based alternative data analytics platform, backed by Awilhelmsen Capital.
Financial terms were not disclosed.
Asymmetrix Sector: Data Sourcing.
Later-Stage / Growth funding
💊 Bluenote
San Francisco, CA, USA-based AI platform for life sciences.
Raised $10m in funding led by Lux Capital, with participation from Elad Gil, Anthropic & Menlo Ventures Anthology Fund, McKesson Ventures, Avichal Garg/Electric Capital, Moxxie Ventures and Carbon Silicon Ventures.
Asymmetrix Sector: Pharmaceutical.
Wellesley, MA, USA-based pharmacy benefit spending Data & Analytics company.
Raised $17m in funding led by Aquiline, with participation from Contour Venture Partners, Eastside Partners and ReMY Investors.
Asymmetrix Sector: Healthcare.
🏘️ Jome
Austin, TX, USA-based real estate marketplace.
Raised $9.8m in funding led by Geek Ventures with participation from investors U.Ventures, Toloka VC, and Forefront VP.
Asymmetrix Sector: Real Estate.
🛰️ ICEYE
Helsinki, Finland-based synthetic aperture radar (SAR) satellite operations company.
Raised $65m extension to existing growth round from Solidium Oy, BlackRock, Seraphim and Plio Limited.
Asymmetrix Sector: Earth Observation.
🧳 Hostaway
Helsinki, Finland-based vacation rental software and management system.
Raised $365m in funding at $925m valuation, led by General Atlantic with participation from existing investor PSG Equity.
William Blair and Cambon Partners acted as financial advisors to Hostaway.
Asymmetrix Sector: Travel & Hospitality.
🛑 Bureau
San Francisco, CA, USA-based risk intelligence platform.
Raised $30m in funding led by Sorenson Capital with participation from PayPal Ventures and continued support from Commerce Ventures, GMO Venture Partners, Village Global, Quona Capital, and XYZ Ventures.
Asymmetrix Sector: GRC.
Rowayton, CT, USA-based alternative data discovery platform.
Raised $4m in funding from AWC, Jefferies and LSEG.
Asymmetrix Sector: Data Sourcing.
⚖️ Blue J
Toronto, ON, Canada-based provider of generative AI-powered tax research.
Raised an undisclosed amount in Series C funding led by Ten Coves Capital.
Asymmetrix Sector: Legal.
Early-Stage
⚡ Sunairio
Baltimore, MD, USA-based provider of high-resolution climate data to simulate energy asset risk and grid variability.
Raised $6.4m in funding led by Buoyant Ventures, alongside Constellation Technology Ventures, MassMutual Ventures' Climate Tech Fund and Rosecliff Ventures.
Asymmetrix Sector: Energy & Commodities.
🏭 Synthavo
Stuttgart, Baden-Württemberg, Germany-based spare parts and after-sales platform.
Raised EUR4m in funding co-led by Samaipata and Senovo.
Asymmetrix Sector: Manufacturing.
Interesting Content
S&P Global Market Intelligence - Private equity investment in financial media and data rebounds.
📧 If we have missed your deal, or you would like to talk, please email us at a.boden@asymmetrix.info.