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RIWI Buys Assets of CoolTool
Canada-based global trend-tracking and prediction technology firm RIWI has acquired the majority of the assets of survey and non-conscious data collection platform CoolTool. At the same time, the company reported 2023 revenue up 50% to $US 4.18m, relecting a previous acquisition.
 Just under two years ago RIWI announced it would buy Paris and Istanbul-based business Research on Mobile (ROM), whose turnover was just over EUR 1m. For 2023, RIWI reported an operating loss of $601k, down from $1.7m in 2022; and a net loss of $813k vs $1.7m in 2022. Net loss last year was largely due to a non-cash goodwill impairment charge related to the previous acquisition.
During 2023 RIWI won 60 new contracts, including 29 entirely new customers; launched a partner network called RIWI Communities; integrated new research marketplaces into its platform, including Toluna and Morning Consult; and strengthened its board of directors with three new members - current CEO Greg Wong, Level5 Consulting's David Kincaid and Greenbook's Lenny Murphy.
RIWI says CoolTool's technology will give its customers the ability to purchase SaaS subscriptions for both the platform's standard survey functionality and its advanced biometric and nonconscious functionality, such as eye-tracking and facial recognition with AI-based analysis. It adds: 'This functionality will become a central part of the RIWI platform and a significant differentiator in the marketplace'. CoolTool CEO and founder Dmitry Gaiduk will remain with RIWI and lead its product management unit, helping to drive innovation in all parts of its platform and business processes. The integration of CoolTool into the RIWI platform is expected to be completed 'sometime in 2025'.
RIWI will pay a total purchase consideration of USD $292,000 in cash for San Francisco-based CoolTool, with possible earn-out payments to be added based on performance vs revenue targets for 2024, 2025 and 2026.
Wong (pictured top) says success in the coming years will require 'setting the right balance between continued investments in our data and platform with the need for profitable growth'. He adds: 'We are also thrilled to welcome the CoolTool team members into RIWI as they will expand our leadership in the global market research platform sector and drive additional long-term recurring revenues'. Gaiduk (pictured below) comments: 'This strategic acquisition combines our advanced tools for attention tracking, emotional measurement, and implicit perception with RIWI's unparalleled ability to gauge consumer and citizen sentiment globally'.
Web sites: www.riwi.com and www.cooltool.com .
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