French data firm Kpler said on Wednesday it had acquired ClipperData, gaining access to the New York-based company’s database of global cargoes of crude oil, grains, petrochemicals and other products.
Financial terms of the deal were not disclosed.
ClipperData was founded in 2013 by executives in the commodities and energy data analytics industry, together with an affiliate of Nassau Point Investors LLC.
Its proprietary data is used by hundreds of industry professionals, including leading oil and gas companies, traders, utilities and financial institutions, Kpler said.
“This acquisition accelerates our growth further and gets us closer to our ambition of reaching $100m in (annual recurring revenue) sooner,” Kpler Chief Executive Officer François Cazor, said in a statement.
The company has set a target of quadrupling its annual recurring revenue to $40 million in under three years.
Kpler is known for its ship tracking and cargo information services, which traders and analysts use to monitor global supply and demand changes for products like oil or LNG. (Reporting by Rithika Krishna in Bengaluru; Editing by Anil D’Silva)