Automated Insights, a producer of computer-generated technology, has been acquired by a sports data company and a private equity firm for an undisclosed price.
“We have happy investors,” said Robbie Allen, founder and CEO of Automated Insights, a Durham company with 35 employees. “That’s all I’m allowed to say.”
Allen said the acquisition by Chicago-based STATS, which has more than 350 employees, and Vista Equity Partners, which has $14 billion under management, won’t affect Automated Insights’ existing customers.
“The team is staying in place,” Allen said. “We’re staying in our same office. I’m staying on as CEO.”
“We’re not laying off any employees,” Allen added. “In fact, we’re just going to hire faster.”
Automated Insights will operate as a subsidiary of STATS, which is owned by Vista. Founded in 2007, Automated Insights’ patented Wordsmith technology converts raw data into narrative content. For example, the company produces 3,000 corporate earnings reports each quarter for The Associated Press. Other customers include Samsung, Edmunds.com, and Comcast.
Automated Insights previously raised $10.8 million in venture capital, including a $5.5 million round of funding unveiled in July. STATS bills itself as “the world’s leading sports technology, data and content company.”
“If you need to put sports stats on a website or on an app, you use STATS to do that,” Allen said. Frequently when you watch a sporting event on television, he added, you’ll see the STATS logo noting that the company provided the statistics used during the broadcast.
Although STATS is focused on sports, Allen said Automated Insights plans to continue to expand its work beyond the sports arena. Automated Insights was originally called StatSheet and focused exclusively on sports.
Vista’s deep pockets will enable Automated Insights to accelerate its growth, Allen said.