Weeks after raising tens of millions of dollars, SimilarWeb is starting to spend it. The acquired company, Tapdog, will help improve SimilarWeb’s abilities in the digital insights and competitive intelligence space.
Less than a month following their recent round from multinational media and internet group Naspers, SimilarWeb continues its growth strategy with the acquisition of the israeli startup Tapdog. Deal terms were undisclosed, but Geektime got word that the deal invloved both cash and stocks and was in the range of millions.
This will help SimilarWeb accelerate the global growth of our operations to meet the demand from worldwide clients. This includes growing the R&D team in the Tel Aviv HQ, as well as building local sales teams internationally. The deal marks a very nice week for Israeli exists, after Wix announced that it acquired another Israeli startup named Appixia.
3rd Upwest exit in two weeks
A graduate of Silicon Valley’s UpWest Labs accelerator, Tapdog is an insight based competitive intelligence engine that simulates the way an analyst thinks, creates hypotheses and draws conclusions regarding the activities of businesses. Their approach towards intelligence focuses on deeply understanding information sources’ behavior and neutralizing biases.
Big data is at the forefront of internet analytics and is the source of future competitive advantage for ecommerce companies. SimilarWeb is at the heart of big data analytics and able to attract the best and brightest talent in web traffic information. The first connection between the two companies formed when SimilarWeb started using TapDog’s database for their Dashboard product. At a latter stage, both companies tied up their connection, then before TapDog managed to raise their next round of funding, SimilarWeb decided to put the acquisition deal on the table.
Going for the big guns
Or Offer, Founder and CEO of SimilarWeb says: “The recent round of funding from Naspers is helping us pursuing our strategic growth which demands the best talent in the industry. We are delighted to welcome the Tapdog’s technology, experience and team to our office to unite forces so we can continue improving our products with the best developers, designers and product managers under one roof.”
Noam Schwartz, Founder and CEO of Tapdog says: “Our shared passion for digital insights and competitive intelligence is what makes us a perfect fit. What the SimilarWeb brand has achieved in the last year is unprecedented and we look forward to contributing to the global growth of this young and exciting industry.”