One of the most notable developments of this decade has to be Bitcoin and its associated technologies. While Bitcoin took the world by storm, another technology called Blockchain stole the limelight for its uses. Blockchain is a digital ledger with a system wherein it is almost impossible to change or modify recorded data. Amsterdam-based software company Blockdata deals with blockchain-centric market intelligence. It has now been acquired by CB Insights. In a conversation with SC, CB Insights CEO Anand Sanwal offers some insights (pun intended) on its latest acquisition.
An office in Amsterdam
Blockdata tracks the global blockchain economy and with its acquisition, CB Insights plans to make credible information about the blockchain and distributed ledger technology ecosystem available for its clients. Blockdata’s tech is touted to enable financial institutions, governments and enterprises to identify credible use cases of blockchain, which may be helpful in selecting the best companies and projects to work with.
A notable bit is that this acquisition resulted from a cold email and the deal is said to have been finalised in less than 3 months. As a result of the acquisition, CB Insights has announced the opening of an office in Amsterdam, while Blockdata remains a stand-alone product with its own team. The latter’s offering will not only be available on its own but will also be available to CB Insights’ clients.
“Our aim is to accelerate Blockdata’s growth, and we believe certain assets and capabilities we have such as our newsletter, research team, sales and client success teams and client relationships will help us do that. We have big expectations for what Blockdata can become and the team at Blockdata,” Sanwal tells us.
Virtually acquiring a company
With social distancing and working from home being the new normal, it is not surprising that this acquisition happened virtually. CB Insights notes that pulling off the deal completely online wasn’t too difficult as they managed to do so in less than three months. As per the company the deal moved quickly since blockchain tech has become popular with CB Insights’ customers. Additionally, straightforward conversations with Blockdata helped the company align on terms quickly. CB Insights declined to reveal the terms of the acquisition.
“One of the big uncertainties was the fact this was a cross-border transaction. Thankfully, setting up a business and doing the requisite administrative things in the Netherlands was quite easy and straightforward.” notes Sanwal.
Eyeing the European startup ecosystem
For CB Insights, Europe is their second-largest market and it expects notable growth with an Amsterdam office. The new office could also help the company’s European clients. Sanwal remarks, “We continue to look for M&A opportunities and would love to chat with European founders who are building interesting data, research, and B2B media properties to see if we can help accelerate their growth as we’re envisioning doing with Blockdata.”
As for CB Insights’ upcoming Amsterdam office, the company is aiming to expand its team as Covid-19 challenges subside. “We’ll look to grow the team there and potentially recruit researchers, technologists, and sales/client success teammates in Amsterdam as well. Our growth goals with Blockdata and for Europe are ambitious,” says Sanwal. The company has currently added a new member to the Blockdata team and is expected to recruit more people over a span of 6 to 12 months.
Image credits: CB Insights