Earlier this month, Vista Equity Partners acquired Automated Insights (Ai), a startup that uses technology to turn data into news articles, for an undisclosed sum.
“We aren’t disclosing the amount, but I will say two things about the financials,” founder and CEO Robbie Allen told TechCrunch. “Our shareholders are very happy with their return, and we were already in a strong financial position.”
Sorry Robbie! But we know the price.
Ai was acquired for $US80 million in an all-cash deal, a source with knowledge of the deal tells Business Insider.
Ai, which is headquartered in Durham, North Carolina, was founded in 2007. It raised $US10.8 million from investors such as former AOL executive Steve Case and Samsung Ventures. Vista also acquired a competitor of Ai, STATS, last June. Both STATS and Ai use technology to turn data into articles that read like they were written by humans. STATS specialises in sports content; Ai produces real-estate, marketing, finance and sports content.
Allen did not return multiple requests for comment.