SOURCE: Connotate

Connotate

February 09, 2011 08:00 ET

Connotate Sees Dramatic Business Growth in Second Half of 2010

Experiences Increases in Customer Base, Operations, Products and Funding

NEW BRUNSWICK, NJ--(Marketwire - February 9, 2011) - Connotate, Inc. (http://www.connotate.com/), a provider of solutions that help companies collect data and content from the Web, today announced a series of milestone achievements in the past year including an update of its flagship product, an infusion of venture capital funding and a significant increase in the scale of customer deployments. Connotate highlights of 2010 included:

$5.25 Million in Funding from .406 Ventures

  • On June 8th, Connotate announced that it had raised $5.25 million in venture funding from .406 Ventures.
  • The company put the new capital towards increasing its product offerings and expanding sales and marketing operations to meet growing demand for real-time online content and data monitoring and collection services in key vertical markets, including all segments of the information industry, financial services, government, publishing and business information.

Appointment of New CEO and Board of Directors

  • Connotate welcomed a new CEO in 2010 -- Tom Meyer. Tom was previously general manager of Iron Mountain's Digital Record Center, a software-as-a-service (SaaS) content management offering and MassNetComm's Cloud Computing Product of the Year. Prior to Iron Mountain, Tom was CEO of Russet Communications, a wireless telecom company which he bought, rebuilt and sold. Tom holds engineering and business degrees from Princeton and Yale, respectively.
  • Connotate welcomed the following distinguished board members in 2010: Liam Donohue, co-founder and managing director of .406 Ventures; Graham Brooks, principal at.406 Ventures; Connotate co-founder, Dr. Tomasz Imielinski; and Mark Sanborn, managing member at Fernwood Funding.

Continual Increase in Customer Base

  • Connotate continued to rapidly increase its overall client base in 2010, underscoring its leadership in data collection. New customers include leaders in the market research, financial publishing, cloud computing and pharmaceutical industries such as Fed Sources, Mzinga, FactSet and StrategyOne.

 New release of flagship technology suite - Agent Community V3

  • On September 29, Connotate announced the release of Agent Community V3 -- the latest iteration of its flagship Web data monitoring and collection solution. Agent Community allows non-technical users to capture and analyze dynamic Web content and data via patented visual abstraction techniques and easy-to-use interface. Agent Community V3 includes new features such as increased automated Web data collection capabilities, improved text analytics, "slice-and-dice" Agent subscription and management views.
  • In late December, Connotate beta released Agent Community, V3.2 including a powerful new 'full story algorithm' feature which allows organizations to quickly track a specific topic or keyword wherever it is mentioned on the Web, as opposed to tracking specific sources. This feature enables rapid acquisition of URLs and metadata (such as headlines, publication dates and categorization) from many different websites. The full story algorithm is expected to add additional patents to Connotate's intellectual property list.

Continued Recognition for Excellence

  • The National Venture Capital Association (NVCA), with the help of the Tuck School of Business at Dartmouth, named Connotate to its prestigious list (http://bit.ly/hZ4FV6) of the very best venture-backed start-up companies in the nation.
  • On August 24th, Connotate announced that KMWorld, an information provider serving the knowledge management systems market, selected Connotate's Agent Community as a "Trend-Setting Product of 2010" for the fifth consecutive year.
  • The company was recognized as a key proponent of Rutgers University innovation and technology development in the Rutgers Office of Technology Commercialization Annual Report 2009-2010.

"2010 has been a phenomenal year for Connotate," said Tom Meyer, CEO. "We've expanded our team, increased our customer base, and have earned accolades from our peers. Connotate's Agent Community solution is unlike any other technology available today. Most data collection and monitoring tools scan, at best, hundreds of websites at a time and require both constant maintenance and a Master's in Computer Science to navigate. Connotate's solution is being used to monitor and collect data from more Web sources than any other solution -- millions of Web sources simultaneously -- by non-technical users."

About Connotate
For organizations in which content and data are vital to success, Connotate puts the ability to automate Web data monitoring and collection in the hands of the business user. With its easy-to-use interface and patented algorithms, Connotate delivers the scalability, reliability and resiliency necessary to cost effectively collect, analyze and distribute high-volumes of unstructured Web data. Connotate's customers, such as McGraw-Hill, Associated Press and Thomson Reuters, have realized benefits ranging from dramatically reduced data collection costs to building new content offerings with millions of subscribers. Connotate has been named a KMWorld "Trend-Setting Product" for the past five years. For more information, please visit http://www.connotate.com.

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