Nexla to provide pre-packaged ready-to-use datasets with latest acquisition
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San Mateo, California-based collaborative data operations platform Nexla has announced the acquisition of Fidap, a company that provides clean datasets for advanced analytics and machine learning applications. The terms of the deal were not disclosed.
Founded in 2016, Nexla automates data engineering where it streamlines the process of getting ready-to-use data to more apps and users without requiring multiple development tools — for tasks such as preparation and quality assurance. The company’s platform integrates, transforms, delivers and monitors data from different internal source systems in a collaborative no-code and low-code way, leveraging a combination of “data fabric architecture” and metadata.
Fidap, on the other hand, provides access to readily usable external data from hundreds of public and private sources, including Wikipedia, Github and central banks. The company debuted in 2021 and has built a massive data selection with over 300 datasets and 2 trillion rows ready to go. It has also received backing from Gradient Ventures (part of Google) and Engineering Capital.
Fidap to expand Nexla’s capabilities
With this deal, Nexla will rope in Fidap’s data capabilities and extend its product portfolio for enterprises. As a result, it will not only integrate data from existing sources but also provide external datasets in a pre-packaged ready-to-use form. The company will ingest, clean, join the data and then make it available on a cloud-native, highly scalable data infrastructure – for use by data scientists and analysts for their applications.
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“Nexla has been helping scale data engineering at enterprises through automation,” Saket Saurabh, cofounder and CEO of Nexla, notes. “With Fidap’s acquisition, we will be solving last mile challenges in getting ready-to-use data into the hands of data users. We will also be deepening our (data) offerings for the financial services sector.”
The deal will also see Nexla acquire Fidap’s team. Plus, the company will bring Gradient Ventures and angels Keenan Rice, Sabrina Hahn, Ankit Jain (who all invested in Fidap) as shareholders.
The acquisition comes as Nexla’s latest move to grow its data capabilities. The company raised $12 million in series A funding in 2021 and has been running cash-flow positive for the last 15 months with 300% year-over-year growth and a 400% growth in team size.
“At a time of industry-wide layoffs and venture capitalists wanting to see a revenue model from the outset, our company has benefited from disciplined execution since day one and is now leveraging our strategic mergers and acquisitions capabilities to expand both our product portfolio and team,” Saurabh noted.
The company works with over two dozen customers, including JPMorgan, Johnson & Johnson, LinkedIn, Instacart and Doordash, and competes with startups like Ascend and Prefect, which offers a platform that can build, run and monitor up to millions of data workflows and pipelines. Google Cloud, Microsoft Azure and Amazon Web Services (AWS) also deliver data pipeline management and creation tools.
According to stats from Market Data Forecast, the global big data and data engineering services market size is expected to grow from $39.5 billion in 2020 to $87.37 billion by 2025.
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