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NYSE-Listed New Relic Acquires Machine Learning Startup SignifAI

NYSE-Listed New Relic Acquires Machine Learning Startup SignifAI

SignifAI develops machine learning applications for troubleshooting and predicting issues in DevOps and cloud-based software

Meir Orbach  :  2019-02-07T11:54:11..

NYSE-listed software analytics company New Relic Inc. has acquired Tel Aviv and Sunnyvale, California-based machine learning startup SignifAI Inc., New Relic announced Wednesday. The financial terms of the deal were not disclosed.

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Through the acquisition, New Relic will establish a research and development center in Tel Aviv, Guy Fighel, one of SignifAI’s co-founders said in a phone interview with Calcalist Thursday. The company intends to hire more people in Israel, according to Fighel, who will head New Relic’s artificial intelligence operation.

Tel Aviv. Photo: PR Tel Aviv. Photo: PR Tel Aviv. Photo: PR

Founded in 2016, SignifAI develops machine learning applications for troubleshooting and predicting issues in DevOps and cloud-based software. The company employs 20 people and has raised around $9 million to date.

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Also on Thursday, New Relic reported $124 million in revenue for the quarter that ended December 31, 2018, up 35% compared with the same period in 2017. The company reported a GAAP operating loss of $8.5 million for the quarter, compared with $8 million year over year. New Relic’s market capitalization was $6 billion at market close Wednesday.

This article has been corrected. A previous version incorrectly stated New Relic is listed on Nasdaq.

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