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Reuters to Buy Text Analytics Firm ClearForest
More investment in text analytics from Reuters: the information giant is to acquire Israeli-American text analytics firm, ClearForest, to make its web content easier to search. Financial terms of the deal have not been released.
ClearForest creates software which is used to search vast archives of news, web pages and documents, and this technology is being employed to improve Reuters' readers' online experience by making content more accessible.
Reuters has created a strategic search group, led by former AOL Head of Search, Gerry Campbell, who comments: 'This acquisition helps us to put in context our vast amount of content and to deliver more relevant information. ClearForest has developed a superior, commercially proven technology in the field of text analytics that will make it immensely easier for our customers to find, understand and navigate our content.'
Barak Pridor, CEO of ClearForest, adds: 'We will bring a range of skills and technological know-how that will enable Reuters customers to efficiently and profitably search the wealth of news, financial and other relevant information available today, as well as to derive previously unavailable business insights from that content.'
This news comes hot on the heels of yesterday's announcement that Reuters had enhanced its machine-readable news service, through the use of linguistics software created by text analytics firm, Corpora (www.mrweb.com/drno/news6731.htm ).
ClearForest has raised around $30 million in VC funding since 1998. Reuters plans to retain and continue to work with the existing management team and their workforces based in the USA and Israel. The two firms are on the Web at www.reuters.com and www.clearforest.com .
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