Klue, an artificial intelligence (AI) startup that provides competitor and market intelligence for businesses, is set to acquire Massachusetts-based DoubleCheck Research. The latter provides research and analysis services to B2B technology companies.
Klue called DoubleCheck a leader in win-loss analysis, a research methodology that helps organizations understand why they are winning or losing deals. With the acquisition, Klue said it will be able to deliver tactical insights to help close deals while providing executives with informed insights.
“This is a huge step towards our vision of building an all-in-one complete platform for our customers.”
“This is a huge step towards our vision of building an all-in-one complete platform for our customers,” Klue co-founder and CEO Jason Smith told BetaKit. He argued that with the purchase of DoubeCheck, Klue is the first platform of its kind to include qualitative win-loss analysis.
“With an uneasy economy and declining tech budgets, companies need all-in-one solutions to share information across the organization, not just in the sales silo,” Smith said.
Klue did not disclose the terms of the deal, but noted it purchased DoubleCheck for a dollar amount that is in the “low double digit” millions. The deal is expected to close January 18.
Klue claims that by adding win-loss analysis to other types of business intelligence enables teams to create stronger market strategies. “This acquisition of the top win-loss provider reaffirms Klue’s market leadership in competitive enablement, demonstrated by customers, such as Adobe, Dell, Hubspot, Salesforce, and Shopify, who are changing how enterprise companies compete today,” Smith said.
Ryan Sorley, DoubleCheck’s CEO and founder, said more leadership teams are turning to win-loss analysis programs to move beyond CRM data and gut instinct to understand why they win and lose businesses against key competitors.
Well aware of the role of AI in business, Klue was recently recognized by The Vector Institute as part of its list recognizing 20 Canadian AI startups to watch for 2023. Klue uses AI across its platform to monitor and aggregate data sources and to produce its tactical advice for its customers.
AI represents one of the most heavily funded areas of tech. In 2021, nearly $70 billion USD in venture funding went to AI startups globally, and in recent years, AI startup financing has accounted for as much as 10 percent of all global venture dollars invested, according to Crunchbase.
Klue hasn’t done so badly for itself on the financing front. The startup’s funding to date totals approximately $103.5 million CAD. Though, the startup hasn’t raised any fundraising since it raised $79 million CAD in 2021 in its Series B round.
Klue was founded in 2015 by Smith, former president of customer intelligence platform Vision Critical, and CTO Sarathy Naicker, former chief technologist at Sophos and Active State. The startup launched out of stealth in 2017 with $4 million in venture capital. Its backers included Tiger Global, Salesforce Ventures, OMERS Ventures, BDC, as well as angel investors, like Ryan Holmes (Hootsuite) and Daniel Debow (founder of Helpful, which was acquired by Shopify).
Sorley founded DoubleCheck in 2014 after serving as the area vice president of supply chain sales with Gartner, and previously as vice president of retail and manufacturing at AMR Research.
DoubleCheck will be fully integrated into Klue with the aim to create that all-in-one platform. DoubleCheck currently has 27 employees compared to Klue’s 242.
Klue maintained that by acquiring DoubleCheck and its win-loss capabilities, Klue moves one step closer to its vision of becoming the all-in-one compete platform for its customers.
Feature image courtesy of Klue.