The Los Angeles-based data intelligence platform makes France its bridgehead in Europe. And it’s preparing to make its offering vertical, starting with retail.
In May 2022, NIR announced its intention to list on the Nasdaq Stock Exchange through Spac. Stated goal: to raise $268 million, with a capital of nearly $1 billion. An amount added to the $134 million in private investment raised in mid-2019 from, in particular, Sequoia Capital and JPMorgan. The IPO is scheduled for the fourth quarter of 2022.
Founded in 2012 in Singapore, the martech platform has since moved its headquarters to Los Angeles. Besides this implementation, its head offices are located in Bangalore India and Paris. With 270 employees, Nir has chosen the French capital to set up its headquarters in Europe where it employs around 25 employees. The group will record revenues of approximately $50 million in 2021, up more than 60% year-over-year.
Through partnerships with network equipment manufacturers and telecom operators, Nir has worked over the 10 years of its existence to build an extensive marketing database. “We identify population movements while respecting privacy,” said Anil Matthews, founder and CEO of NIR. In total, the company claims 1.6 billion anonymous unique user IDs. With coverage of 70 million geographical locations in 44 countries. From there, the platform traverses consumer behavior information from its customers’ websites and apps with their behavior in the physical world incorporated into its database.
Predictive deep learning
Building on this dual flow of data, NIR has built deep learning models to predict visitors’ actions or appetites based on their physical and digital histories. “To carry out this process, we rely on our own data as well as indicators from the customer’s CRM, linked for example to their purchases of such and such a product, in such and such a store or on the web. Two worlds pass by a unique identifier completely anonymous,” explains Anil Matthews. “Once a customer leaves the physical or digital store, the company doesn’t lose it. They know what other stores they go to and if they are competitors, how often, how far they travel, what geographical area they are buying in, etc.” In addition to hybrid analytics, Near also allows the brand to identify areas of high potential in which new stores can be identified.
“We are now studying how to expand to other market-important European countries.”
Near presents itself as a data intelligence platform, and claims an average revenue per customer of $300,000 per year. In France, Darty and Orange Bank are among its main references. To attract its customers, the company showcases two distinguishing factors: the value that its artificial intelligence technology gives data on the one hand and the compliance of its platform with data regulations in more than forty countries on the other hand.
To establish itself in Europe and France in particular, Nir introduced itself to the Parisian startup Teemo at the end of 2020, a company specializing in drive-to-store marketing. “Beyond localization and technology, Teemo brings us its GDPR expertise,” explains Near CEO. Since then, Nir has set up a technical team in its Paris office with the aim of adapting its products to local market issues. “We are now considering how to expand to other European countries of interest in terms of the market, such as Germany, Italy or Spain.” A development that can go through acquisitions if he finds a shoe yoke in his foot, or organic growth if necessary.
Among the main sectors targeted is retail trade. “With Covid, retailers have had to start from scratch to analyze their customer profile and prospects. This makes our platform a preferred solution for these businesses. That is, to understand changes in behavior and identify new ways to attract consumers to the store in a process of continuous improvement,” notes Anil Matthews. In terms of research and development, Near plans to start a vertical policy to offer, starting with retail. Other Planned Developments: Consolidation of consumer-oriented marketing analytics data and location-oriented marketing analytics data into a single platform.
Why are you heading to the audience at this point? “Becoming a public company will help give us the credibility needed for our international development. The process will also provide us with funds to accelerate our policy of organic and external growth in order to quickly reach markets where we are not yet present.” , Anil Matthews Projects.