MaRS, a Toronto-based innovation center, announced that technology giant Intel has acquired CognoVision, one of its client companies. The CognoVision platform helps retailers and digital signage networks measure the effectiveness of in-store marketing and develop deeper insights into shopper behavior. Terms of the transaction were not disclosed.
The CognoVision team is responsible for developing an Anonymous Impression Metric (AIM) platform that provides business intelligence metrics for digital signage networks and retailers. Its solutions are designed to help digital signage networks measure and maximize their return on investment (ROI) and retailers improve their bottom line by increasing store sales and reducing costs.
The company's three founders, Haroon Mirza, Dr. Shahzad Malik and Faizal Javer, became MaRS clients in 2006. Since then, several MaRS advisers and mentors have worked with the CognoVision team.
"We're grateful for the work that MaRS did over the years to help us move CognoVision from a concept to a rapidly growing business. The MaRS team have been a valuable extension of our own team and an integral part of our success," Mirza said. "We've benefited from guidance on our strategy, financing and marketing/sales at every stage of the company's development. They have also been very helpful in supporting us as we developed partner relationships here in Canada and abroad."
For MaRS' CEO it is rewarding to see CognoVision's commercial success come to fruition. "CognoVision has made truly impressive progress refining its product and establishing a leading position in a highly competitive market since we first met their fledgling team through our Entrepreneurship 101 program," said MaRS CEO Dr. Ilse Treurnicht. "They are a very inspiring example of Canada's entrepreneurial talent and passion. I have no doubt that we will hear more from them in the future."
Intel Capital, Intel's global investment organization, also announced 18 new investments: The new deals total approximately $77 million and were announced today at the 11th annual Intel Capital CEO Summit, Intel Capital's gathering of portfolio company CEOs and corporate technology decision makers. The new Intel Capital investments span 11 countries: Brazil, China, Germany, India, Israel, Malaysia, the Netherlands, Russia, Taiwan, Ukraine and the United States.
"Innovation continues to thrive all over the world," said Arvind Sodhani, president of Intel Capital and Intel executive vice president. "Despite the economic environment, these 18 investments help advance next-generation computing technologies aligning with Intel's vision that more and more devices will compute and connect to the Internet, called the 'compute continuum.' The innovative technology developed by these companies supports the compute continuum from advancements in PCs and server trends, such as cloud computing, to building out the ecosystem around smart TVs and smartphones."