Near Intelligence, a California-based data intelligence firm, has agreed to merge with blank cheque company KludeIn I Acquisition in a deal that values the combined entity at around $1bn.
Subject to adjustment for debt, working capital, and certain expenses relating to the transaction, the consideration for the merger is $675m.
The merger with the special acquisition company (SPAC) will enable Near Intelligence to become a publicly-traded firm with a listing on the Nasdaq Stock Market.
Established in 2012, the company helps firms in unlocking growth strategies through a better understanding of consumer behaviour.
Near Intelligence’s privacy-led data intelligence solutions caters to operational and marketing data leaders whether their consumers are shopping, dining, travelling, purchasing products, or visiting places.
The company’s data universe is said to curate large sources of intelligence on people, places, and products. It is made up of 1.6 billion unique user IDs in more than 70 million places spread over 44 countries.
Near Intelligence aggregates various data sources across data types through strategic and exclusive data sets and partnerships with customers. The company uses deep learning for a better understanding of consumer behaviour with the help of its artificial intelligence (AI) driven modelling.
Near Intelligence founder and CEO Anil Mathews said: “Enterprises around the world have trusted Near to answer their critical questions that help drive and grow their business for more than a decade.
“The market demand for data around human movement and consumer behaviour to understand changing markets and consumers is growing exponentially and now is the time to accelerate the penetration of the large and untapped $23 billion TAM.
“Going public provides us the credibility and currency to double-down on growth and to continue executing on our winning flywheel for enhanced business outcomes over the next decade.”
The deal is estimated to provide gross proceeds of $268m to the data intelligence firm. This is subject to no redemptions made by the public stockholders of KludeIn and a private placement of $95m of the SPAC’s common stock before the finalisation of the merger.
Additionally, KludeIn has executed a committed equity financing facility of $100m with CF Principal Investments, an affiliate of Cantor Fitzgerald.
KludeIn chairman and CEO Narayan Ramachandran said: “I am thrilled to partner with Anil and the entire team at Near as they continue to help global enterprises better understand consumer behaviour and derive actionable intelligence from their global, full-stack data intelligence platform.
“We believe this merger is highly compelling based on the diversified global customer base, superior SaaS flywheel and network effects of Near’s business, highlighted by the company’s strong customer net retention.”
