Dataminr to acquire crisis management firm Krizo
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In an expansion of Dataminr’s product portfolio, the risk detection platform today announced its intent to acquire Krizo. Copenhagen, Denmark-based Krizo, a real-time crisis response tool used by customers including Fujifilm, Vodaphone, Maersk, and Palo Alto Networks, is expected to join the Dataminr family in early Q4 2021, pending regulatory approval.
Krizo launched five years ago with a service that lets customers plan for, simulate, and activate real-time responses to physical world events, cyber threats, supply chain disruptions, and reputational risks. The solution provides a library of customizable operational playbooks, enabling cross-organization coordination and communication in the face of business disruptions.
Dataminr CEO Ted Bailey says that Krizo’s capabilities will be incorporated with Dataminr Pulse, which discovers early indications of emerging risks to companies’ employees, brands, and physical and virtual assets.
“Unexpected events can occur anywhere across the world at any moment — such as a supply chain disruption caused by a natural disaster or a ransomware attack impacting a critical business system — radically affecting a company’s people, assets, and operations,” Bailey said in a statement. “With Krizo’s real-time crisis response platform integrated into Dataminr Pulse, our corporate customers will accelerate the speed at which they take action on the real-time events, threats, and risks discovered by Dataminr’s AI platform … Pulse will enable corporations to prepare for the unexpected, with easy-to-action response playbooks created for the full range of crisis response scenarios triggered by Dataminr alerts.”
Internal confidence in organizations’ ability to respond to crises tends to be mixed. According to one survey, while about 62% of companies have crisis plans, it’s uncertain how many regularly update them. That’s despite the fact that 69% of executives have experienced at least one major corporate crisis from 2014 to 2019, with the average number of crises being three, according to PricewaterhouseCoopers.
Krizo CEO Emil Stenbøg, who cofounded the company with Magnus Josias, says that Pulse subscribers will be able to better discover, contextualize, and respond to events by collaborating “in new ways” while deepening Dataminr’s footprint across Europe. “It is a natural fit for us to join Dataminr, the pioneering AI company that has revolutionized early event detection,” Stenbøg said in a statement. “Corporations will not only discover events faster than was ever before possible with Dataminr’s AI platform but also be able to seamlessly respond to those events in the fastest and most efficient manner with Krizo’s real-time crisis response platform.”
The acquisition of Krizo comes after Dataminr’s purchase of Watchkeeper and its gathering of $475 million growth capital financing, which valued Dataminr at $4.1 billion. A new version of Pulse, with both WatchKeeper and Krizo features, will be available to new and existing corporate customers at the start of 2022.
Dataminr’s Pulse continues to grow in usage, with over half of Fortune 50 companies in finance, retail, food and beverage, energy, telecom, health care, and more leveraging it for market research. The company says that its corporate business line has doubled in revenue growth three years in a row, with “significant expansion” across North America, Europe, Middle East, and Africa, and Asia-Pacific.
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