UST Global has acquired American technology startup Pneuron in a bid to bolster its data analytics services.
Woburn, Mass-based Pneuron develops technology platforms that help multinational firms leverage their existing applications, infrastructure, services, and data for actionable intelligence.
This “acquisition of Pneuron cross-platform orchestration platform will help bridge this gap for our clients,” says Niranjan Ram, Vice President of Industry Solutions at UST Global.
The company has in fact been UST Global’s business partner for the past three years. When they reached an agreement to work together in 2015, UST Global’s CEO Sajan Pillai said: “Pneuron’s technology will allow our clients to avoid the typically pricey, repetitious, and sometimes even risky precursors of data centralization and systems integration.”
“The next generation artificial intelligence (AI) and machine learning applications require powerful ETL, better data quality, and transformation capabilities which can be ramped up quickly,” says Adnan Masood, Chief Architect of AI and Machine Learning at UST Global, indicating the reason for the acquisition.
Pneuron’s technology platforms acquire data, interact with applications, and also perform analytics. The company has been dubbed a ‘Breakout Vendor’ by research firm Forrester and a ‘Cool Vendor’ by Gartner.
Pneuron was founded in 2010. It has since raised funds from several venture capital funds. Its investors include Safeguard Scientifics, Osage Partners, and Scott Group LLC.
UST Global has not disclosed how much it paid for Pneuron, whom it describes as ‘cross-platform orchestration’ startup.