Pegasystems Acquires Bangalore Analytics Startup MeshLabs.
Pegasystems has recently acquired a text mining and analytics software startup called MeshLabs, in order to bolster their social media solutions for clients
Billionaire tech entrepreneur and former chess champion Alan Trefelr has been leading the software company Pegasystems and will integrate MeshLab’s text analytics software to gather unstructured social media data and decode it into actionable business knowledge for their clients.
Incubated at IIM Bangalore in 2009, MeshLabs, has acquired Wipro, Genpect and Ogilvy as its clients. The co-founder Venkatesh Rao, Sampath Herga, Arijit mitra Shantanu Gudihal and the rest of the team will be joining Pega post acquisition.
The Massachusetts-based Pegasystems formally announced during the late Tuesday night during India Time. The financial detail for the transaction have not been disclosed for the time being.Gravitas Advisory was the investment banker during this transaction.
“With MeshLabs technology, our customers will be able to monitor social media streams, as well as other channels and data sources, and immediately apply analytics and automate cases in response, delivering a real-time, personalised customer experience,”Alan Trefler, founder and CEO of Pegasystems said.
“Our venture was a classic bootstrapped venture with just eight employees and 16 clients. We decided to make Pegasystems our home, but the it has been a tremendous learning experience till now,” MeshLabs CEO Venkatesh Rao said.
Indian IT majors are continuing to scale up their social media, mobility, analytics, and cloud (SMAC) game as its becomes a $6-8 billion opportunity for the country’s $118 billion IT-ITeS sector as they are betting big on non-linear growth of disconnecting themselves from headcount-linked growth. As clients are increasingly looking at expanding their digital footprint, Indian IT firms are aiming for IP-lead partnerhsips or acquiring to move into the next growth spurt.
As of recently, the country’s fifth largest IT service firm Tech Mhindra purchased over 75% claim in US-based Data analytics startup FixStream Network for a total of Rs 60 crore.
During the previous year, Wipro invested over $5 million in US-based Axeda Corporation, which offers cloud based service and software for managing connected products. The third-largest IT firm chose and additional 6% claim on New Jersey-based Opera Solutions doubling its stake to 12.5% in the big data and predictive analytics firm.