Box has announced the acquisition of data analytics company Wagon Analytics in a bid to offer customers more tools to interrogate and understand data. Financial details of the deal were not disclosed.
Box CEO Aaron Levie announced the purchase in a blog post, explaining that as customers gather ever increasing amounts of data on the Box platform there is a need to understand and act on that information.
“Wagon is an analytics platform that changes the way teams understand data to make decisions. Since its inception, the Wagon team has built technology that helps provide a simple way to create, visualise and share data analysis,” he said.
“In joining Box, the Wagon team will be helping build out our analytics platform to provide deeper insights that help customers make the most of Box. The Wagon team's deep engineering and product expertise in user experience, data modelling and quick visualisations complements our strength in analytics.”
The Wagon team said that joining Box is a big move for the company that will make its offerings available to a far larger customer base.
“Wagon and Box believe that shared knowledge empowers individuals and unites teams. Box helps enterprises do more with their content and get their work done faster by acting as the central, modern content platform,” the firm said.
“Fortune 500 companies across every industry trust Box to sit at the centre of their businesses. We’re excited to build data analytics products at Box to help people understand their data and work better together.”
The deal was announced alongside Box’s second-quarter earnings that showed revenues of $95.7m, up 30 per cent year on year, and a customer base of 66,000 businesses.
"Our excellent sales execution and traction with new products drove deals with 4,000 new customers and expanded deployments with leaders such as Pfizer, Electronic Arts and Uber,” added Levie.
Despite this, the company made a loss of $37.9m, although this is an improvement on the $50m loss in the same period last year.
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