Nokia's HERE to acquire predictive analytics firm Medio

Tags: News
Nokia's mapping and location- based services arm 'HERE' today announced it will acquire the US-based Medio Systems, a pioneer in the emerging field of real-time predictive analytics, for an undisclosed amount.

HERE is expected to close the deal by the July-end. The terms of the transaction are confidential, it said in a statement.

"Building on Medio's 'smart data' asset enables HERE to create contextual maps and location services that change according to the situation to provide highly personalised and predictive experiences for people and businesses," it said.

That could mean delivering individual restaurant recommendations to someone ready for lunch, giving drivers routes that match their driving style based on real-time conditions or helping businesses personalise their customer offerings, HERE added.

Predictive analytics are an essential component of the HERE mission to provide the right map and services at the right moment across screens and operating systems.

Following the acquisition, HERE intends to share Medio's technology, as relevant, with the other two businesses of the Nokia Group, Networks and Technologies, to further capitalise on the acquisition, the firm said.

Medio, which has about 60 employees, mines vast amounts of real-time activity data now available from proliferation of sensors and connected devices into actionable intelligence.

Its cloud-based predictive analytics engine leads a fundamental shift in how big data is gathered and processed so that it becomes a valuable source of intelligence to help companies make better, automated business actions, it added.

"We are entering the age of what I call cognitive mapping, in which maps will understand their environment and anticipate people's intent in order to deliver interactive and smart location experiences," HERE CEO Michael Halbherr said.

EDITORIAL OF THE DAY

  • Right to reveal

    Delhi is India’s first state to announce a scheme for witness protection. But what about the witnesses in other states?

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Urs Schoettli

New masters of the Financial Times

A few days ago, Japan’s leading financial daily Nihon Keizai ...

Anuja Sharma

Focus mindfully to get the result

Have you ever tried to light a fire using the ...

Gautam Gupta

Our fashion schools need to notch it up

“Creativity is the key to success and primary education is ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture