Mumbai-headquartered data analytics company Fractal Analytics has acquired behavioural architecture company Final Mile.
On the acquisition, Srikanth Velamakanni, Group Chief Executive and Executive Vice-Chairman, Fractal Analytics said, “Final Mile’s track record in influencing human behaviour through behavioural science, combined with Fractal’s data science and Artificial Intelligence (AI) capabilities, will help our clients drive lasting behaviour change internally and externally.”
The acquisition comes on the heels of a successful partnership between the companies that began in 2017.
Founded in 2008, Final Mile applies behavioural sciences to understand decision-making and influence consumer and social behavior. Final Mile has helped solve behavioural challenges in financial services, healthcare, consumer goods, ecommerce, and developmental and nonprofit sectors.
Related Article: AI Startup Fractal Analytics To Raise $200 Mn From Apax Partners
The company uses innovative research methods like games and simulations to truly understand the subconscious reasons behind what people do and develop interventions to drive sustainable behavioural change.
Commenting on the development, Biju Dominic, Co-founder and Chief Executive Officer, Final Mile said, “Data and AI can dramatically improve our understanding of human behavior, inform better hypotheses, and complement our work with clients in achieving sustained behavior change. We see extraordinary opportunities to deliver greater value to our clients in partnering with Fractal over the long term.”
US-based Fractal Analytics was founded in 2000 by a five-member team including IIM Ahmedabad alumni Srikanth Velamakanni and Pranay Agrawal,along with Nirmal Palaparthi, Pradeep Suryanarayan, and Ramakrishna Reddy. Fractal Analytics is a strategic analytics partner to the top Fortune 500 companies globally and helps them power every human decision in the enterprise by bringing analytics and AI into the decision-making process.
With over 14 offices worldwide including London, Mumbai, New Delhi, Singapore and Dubai, Fractal, with a team of 1,200 people, caters to clients in over 100 countries. Fractal’ flagship product ‘Customer Genomics’ is aimed at helping marketers learn complex customer behaviour at an individual level.
In May 2016, Fractal Analytics raised $100 Mn (INR 667 Cr) from Malaysian sovereign wealth fund Khazanah Nasional Berhad at a valuation of $300 Mn (INR 2,000 Cr). Earlier, in June 2013, it raised funding worth $25 Mn from private equity investor TA Associates.
In January 2015, Fractal Analytics acquired Singapore-based mobile Big Data startup Mobius Innovations for an undisclosed amount.
With the growing number of startups working on latest technologies like AI, Internet of Things etc, the acquisition of Final Mile by Fractal Analytics merges the Big Data energies of the two companies and gives them a boost to further deepen their foothold in the global market.