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User:FrankLeeding
Frank Leeding – artist, teacher, writer (mostly essays and some non-fiction).
Interests: History, Science & Technology.
main home page: http://www.angelfire.com/art3/fleeding art page: http://art-squeek.angelfire.com
email: fleeding @ hotmail.com
etc.
ATG Buys CleverSet For $10 Million
Last October, at the Web 2.0 Launch Pad, the startup voted “Most Likely to Exit First” was CleverSet. Now three months later, CleverSet has sold itself to e-commerce software company Art Technology Group (ATG) for $10 million. It turns out to be a nice exit for CEO Todd Humphrey and founder Bruce D’Ambrosio, who built the company with about $3 million in capital and a $500,000 grant from the National Science Foundation.
But it doesn’t quite live up to a lot of the hype surrounding “discovery” right now. CleverSet offers discovery and recommendation engines to e-commerce sites, using a statistical approach to making product matches. The Seattle-based startup competes with the likes of Aggregate Knowledge, Criteo, MyStrands, and ChoiceStream. The investors in those companies are expecting much larger exits. Criteo just raised $10 million in a venture round. And Aggregate Knowledge has raised $25 million.
By those measures, $10 million is either a steal, or discovery just isn’t the next search.
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Crunch Network: CrunchBoard because it’s time for you to find a new Job2.0