Founded in Austin in 1999, Coremetrics is known as one of the high-end providers of web analytics, competing with Omniture and Webtrends. Today it was announced that IBM is acquiring the company for an undisclosed sum. Over the years the company has attracted around $167M in venture funding from such organizations as Highland Capital Partners and Accel Partners. After Bazaarvoice CEO Brett Hurt left Coremetrics the company relocated its headquarters to the bay area, but it still maintains an engineering presence in Austin.
From the press release:
Today Coremetrics delivers web analytics capabilities to more than 2,100 global brands across a wide range of industries including retail, financial services, media and publishing, travel and hospitality and education. Customers include Bank of America, Holiday Inn, PETCO, 1-800 Flowers, Office Depot, Victoria’s Secret, Virgin Atlantic Airways and Seton Hall University.
Coremetrics’ offerings enable more effective marketing campaigns that can provide real-time intelligence on what consumers are saying about products and services being offered to them, and allow clients to make fact-based, accurate decisions on marketing expenditures. As a result, marketing teams can gain deeper insight about their consumers and present personalized recommendations, promotions and other sales incentives across a variety of channels where the consumers interact with their brand. These channels span traditional outlets such as storefronts and catalogs and newer outlets including all forms of eCommerce and social media.
Coremetrics’ offerings are a new addition to IBM’s business analytics portfolio. By acquiring Coremetrics, IBM will be able to deliver powerful new business analytics solutions, with the web analytics capabilities clients need to help measure the effectiveness of their marketing campaigns and understand the shopping habits, likes and dislikes of their customers. In addition, Coremetrics software complements IBM’s existing software and services portfolio of offerings from WebSphere, information management and business analytics and optimization. Upon closing, the company will become part of IBM’s application and integration middleware portfolio which provides the backbone of transaction processing on the Web and powers many of the world’s leading retail sites. Through Coremetrics, IBM is gaining the ability to help businesses empower their marketing professionals to automate and optimize their marketing processes to create the greatest possible return on their marketing expenditures.
“With this acquisition, we are extending our capabilities to give clients greater insight about customer behavior and sentiment about products and services, and give true foresight into their future buying patterns,” said Craig Hayman, general manager, IBM WebSphere. “Marketing departments can benefit from these capabilities very quickly because we are delivering this in a Software-as-a-Service model. The combination of IBM and Coremetrics will maximize marketing expenditures and also make the buying experience more convenient, personal and interactive for consumers.”
“Marketers increasingly need the ability to see across their organizations and the agility to make split-second decisions based on real-time data,” said Joe Davis, CEO, Coremetrics. “The combination of Coremetrics and IBM will deliver deeper business insights to address the real challenges and opportunities all companies face in an increasingly digital world.”