IHS Acquires Invention Machine
Wednesday, July 11, 2012 4:04 pm EDT
ENGLEWOOD, Colo.--(BUSINESS WIRE)--IHS Inc. (NYSE:IHS), the leading global source of information and analysis, has acquired Invention Machine for approximately $40 million. Invention Machine is a leader in semantic search technology that uncovers relevant insights held within a wealth of internal and external knowledge sources, transforming the underlying data into actionable intelligence. Their patented semantic question-answering software engine leads engineers and knowledge workers to information quickly and enables them to rapidly digest it to make better decisions.
As previously announced, IHS also has completed the closing of its acquisition of GlobalSpec Inc., from Warburg Pincus LLC for $135 million. GlobalSpec is the leading specialized vertical search, product information and global access point providing critical digital information tied to key Product Engineering and Design workflows for seven million engineers.
IHS senior management will host a conference call and webcast to discuss the GlobalSpec and Invention Machine acquisitions, along with updated guidance for FY2012, on July 11, 2012 at 4:30 p.m. EDT. To hear the live event, visit the IHS website at http://www.ihs.com/Investor-Relations/ and log on at least 15 minutes prior to the start of the webcast.
“The acquisitions of Invention Machine and GlobalSpec present a unique opportunity for IHS to transform our existing engineering specifications and standards business to long-term double-digit growth, and accelerate the IHS Product Design business by increasing the value we offer to engineers, researchers and scientists by connecting innovation to knowledge workers,” said Jerre Stead, IHS chairman and chief executive officer. “With Invention Machine’s Goldfire as the front-end, we will bring together all IHS content, insight and tools into an innovative solution that will address many of the unsolved problems facing engineers. This will enable greater productivity, accuracy and design quality, and help customers accelerate innovation and deliver superior products and services.”
Invention Machine’s Goldfire product is the decision engine built on top of a patented semantic search engine that connects engineers and innovation and knowledge workers, on-demand, to one another and to the internal and external knowledge and trends needed to develop, maintain and produce breakthrough products and services. Semantic search engines understand the meanings and relationships of words, and can provide more relevant results than traditional text-based search engines.
IHS President and Chief Operating Officer Scott Key said: “Invention Machine is an excellent strategic fit for IHS and is a critical component of the evolution and transformation of the Product Design business. Invention Machine provides a software tool that lays on top of IHS and GlobalSpec content, as well as a customer’s own internal and external content, to enable customers to rapidly digest information and make better decisions.
“The acquisitions will allow IHS to provide a revolutionary knowledge management solution that will seamlessly access IHS products, external content and a customer’s internal information. It gives us the opportunity to further expand within target customers by creating new products for quality, standards applicability and knowledge management.”
Headquartered in Boston, Invention Machine employs approximately 100 colleagues and also has offices in: Minsk, Belarus; London; Frankfurt; Paris, and Tokyo.