Networked Insights, a Chicago analytics company backed by Goldman Sachs and other well-known investors, has been acquired by American Family Insurance.
American Family Insurance said it will use Networked Insights' marketing technology to improve its digital offerings. Terms of the deal, which was announced Thursday, were not disclosed.
Networked Insights launched in 2006 and builds software that lets companies use social media data to more efficiently target customers. Its artificial intelligence analyzes social media information for marketers to help them spend advertising dollars in a smarter way. Networked Insights has raised more than $77 million to date, and its investors include NBC Universal, GroupM and Goldman. American Family Insurance was also an investor and client of Networked Insights prior to the acquisition.
Networked Insights was also backed by the Cherng Family Trust, the family office of the co-founders of Panda Express, and Sands Light Capital, the family office of Arizona Iced Tea co-founder Don Vultaggio.
“The insurance company of the future will be all about using data analytics to enhance the customer experience and be a trusted brand,” Networked Insights Founder and Chief Executive Officer Dan Neely said in a statement. “American Family has done a remarkable job at building a trusted brand. We are excited to deploy our deep expertise in broad areas of advanced analytics to enhance American Family’s existing data analytics capabilities.”
Networked Insights will operate as a stand-alone subsidiary of American Family Insurance, the companies said, and all 74 Networked Insights employees will continue in their positions with the company. Neely is joining American Family Insurance as a senior executive as a result of the deal.
