CognoVision Solutions Inc. is the latest Canadian startup to be picked up by a big U.S. tech company. TechCrunch reported that Intel Corp. bought the company for somewhere in the range of $17-million to-$25-million.
It's becoming a trend for big names to look at the Canadian market. A few weeks back, International Business Machines Corp. acquired Toronto-based Clarity Systems, which creates and sells software that streamlines corporate financial reporting.
CognoVision had some hype around its name after being awarded the title 'Canada's 2009 Innovation Leader' during the Canadian Innovation Exchange a year ago, which StartupNorth pointed out. To get that title, the company had to pitch its business plan to the audience and the crowd then voted for which of the top 20 contestants it thought had the most potential.
The company helps advertisers measure the effectiveness of in-store marketing and also breaks down shoppers' behaviours. For instance, CognoVision's technology can analyze the amount of time a customer spends with a display and the number of people who walk by that display.
CognoVision worked closely with MaRS Discovery District in Toronto, which helps startups gets off the ground by working with them to create solid business plans and investment pitches, among other things.