Conde Nast parent Advance buys 1010data for $500 million

Advance/Newhouse said it will acquire 1010data because big data will be a key component of every business.

Conde Nast parent Advance/Newhouse is acquiring big data analytics company 1010data in a deal valued at $500 million.

1010data, a provider of big data discovery tools aimed at various industries such as retail and healthcare, gained traction by providing a spreadsheet-ish interface that can analyze 21 trillion rows of data and ways to easily visualize data.

As for Advance, 1010data would provide new revenue streams and also highlight how big bid data and media could go together. Advance's best known business is Conde Nast, which publishes the New Yorker, Vogue and Wired as well as local newspapers, stations and Web sites.

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In a statement, Advance said that it believes that big data will be the building block of all businesses. One obvious extension would be combining big data tools to go with advertising buys in Advance's network.

1010data CEO Sandy Steier and his management team will continue to run the company and retain a stake. Advance said it will fund 1010data to expand its product line and scale its platform and marketing.

Steier said that 1010data will "leverage Advance's significant resources" for customers. 1010data has more than 750 customers in banking, retailing, manufacturing and telecom verticals.

1010data took $35 million in private equity from Norwest Venture Partners in 2010, but was otherwise founder owned.