NovitasFTCL advised the shareholders of Twigkit on its sale to Lucidworks
SAN FRANCISCO, CA–(Marketwired – May 10, 2017) – Lucidworks, the leader in enterprise search solutions, today announced its acquisition of Twigkit, a software company specializing in user experiences for enterprise-grade search and big data applications. The acquisition is an important step towards Lucidworks’ mission to deliver purpose-built user-driven data applications that give end-users a single access point to aggregated search results.
Enterprises struggle with how best to glean value from the massive amounts of data they manage. Lucidworks provides these companies with search tools to accurately and quickly access data from multiple sources. Both Lucidworks and Twigkit simplify the development of search applications by offering platforms with ready-to-use capabilities that can be quickly deployed and easily managed. Twigkit’s focus goes one step further, taking mined data and delivering it in user-driven applications with a true 360° view of an organization at any time, on any device.
“At Lucidworks we solved the first mile, making all data accessible to all users. Twigkit goes the final mile for the industry, bridging the gap from data access to application,” explains CEO, Will Hayes. “Customers can now build rich applications such as customer support portals, R&D tools, and customer 360 views within minutes, improving efficiency and making their lives easier. Customers and prospects are excited about this partnership, and we expect to see immediate and direct impact to our bottom line.”
Twigkit, led by CEO, Stefan Olafsson, and CTO, Dr. Bjarki Holm, was founded in 2009 and has built a global customer base that includes HSBC, General Electric, Amgen, Northrop Grumman, Toyota, FDA, and more.
“Twigkit has invested years of design and development in changing the way people interact with data,” says Stefan. “As we’ve seen user expectations evolve, demands have become more complex. There’s a push for tighter turnaround throughout the development lifecycle and a need to quickly make data accessible and produce user-driven applications that give data meaning. As part of Lucidworks, we can provide a superior, end-to-end service that meets the demands of our enterprise customers and continues to evolve with the industry at large.”
The Twigkit acquisition follows a record growth year for Lucidworks. At the close of the fiscal year, the company experienced a 135% revenue increase from the previous year, and a 1200% increase over the past two years. Additionally, Lucidworks has expanded investment into the EU and grew their customer base significantly across retail, customer service, and financial clients. Lucidworks also updated its flagship product, Fusion 3, marking a major milestone. Named as one of the winners of InfoWorld’s Best Technology of the Year award, Lucidworks continues to lead the industry in enterprise-grade search solutions.
The big data and business analytics market is projected to reach $187 billion in revenues by 2019, up 50% from 2015. Enterprise search applications, a staple of the industry, anticipate similarly significant growth reaching $8.90 billion by 2024. Through innovation and strategic partnerships, Lucidworks is well positioned to capitalize on the opportunities presented by a fast-growing marketplace.
For more information on Lucidworks, visit the website.
Lucidworks builds enterprise search solutions for some of the world’s largest brands. Fusion, Lucidworks’ advanced search platform, provides the enterprise-grade capabilities needed to design, develop, and deploy intelligent search apps at any scale. Companies across all industries, from consumer retail and healthcare to insurance and financial services, rely on Lucidworks every day to power their consumer-facing and enterprise search apps. Lucidworks’ investors include Shasta Ventures, Granite Ventures, and Walden International.
Twigkit is a Cambridge-based software company with offices in London and California, whose products empower anyone to rapidly build full-featured search applications with a great user experience. Twigkit is used by companies such as Rolls-Royce, Qualcomm, PricewaterhouseCoopers, The Financial Times, Vodafone, Thomson Reuters, The UK National Health Service, and BASF.
Having undertaken a capital re-organisation in 2014 and a capital raise in 2015 for the business, NovitasFTCL advised the management and shareholders of Twigkit on the transaction.