Business intelligence software provider Qlik has acquired the intellectual property of AI startup Kyndi, marking a significant move to bolster its capabilities in extracting insights from unstructured data.
The terms of the deal were not disclosed. However, Kyndi’s patents and proprietary technology related to natural language processing and generative AI will be incorporated into Qlik’s cloud analytics platform. Additionally, Kyndi’s CEO Ryan Welsh and other leading AI experts will join Qlik as part of the asset purchase.
The acquisition comes as organizations face rapidly expanding volumes of unstructured data from documents, emails, chat logs and other text-heavy sources. By adding Kyndi’s expertise in processing and making sense of free-form information, Qlik aims to unlock richer insights by merging structured and unstructured data analysis.
“Introducing our innovations into Qlik’s technology will enable the merging of structured and unstructured data, thereby empowering users with deeper insights and more informed decisions across a wide range of business scenarios,” said Mr Welsh.
The move builds on Qlik’s track record in AI development and its vision for “decision intelligence”, providing business users with precise, contextually-relevant answers to drive better outcomes. According to Qlik’s chief strategy officer James Fisher, the deal represents “a key step in Qlik’s AI vision” as it works to deliver those AI-generated recommendations.
Nathan Hoover, Innovations Supervisor at logistics giant UPS, suggested the enhancements will lead to promising ongoing collaboration between the companies. “Qlik’s dedication to driving innovation in AI aligns with UPS’s commitment to leveraging cutting-edge technology for business transformation,” he said.
Industry analyst Mike Leone at Enterprise Strategy Group praised the acquisition as validating Qlik’s leadership position in next-generation analytics. “By anticipating the surge in unstructured data analysis, this will enable Qlik’s customers to gain better insights that enhance decision-making across various industries,” he commented.
