Nokia's HERE to acquire predictive analytics firm Medio
Jun 12 2014 , New Delhi
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.