The cannabis-focused analytics company, New Frontier Data, announced an agreement Wednesday to acquire Zefyr, Inc., a data discovery and profiling platform serving the cannabis industry.
Zefyr collects data and uses tools such as artificial intelligence, Amazon Web Services and machine learning to help companies find information such as the location of their ideal customers, comments on their products and consumer preferences.
The company provides two web-based solutions, Zefyr Consumer Dash and Zefyr Product Dash.
Zefyr is integrated with Equio, New Frontier's online cannabis intelligence platform, according to Wednesday's announcement.
Zefyr's leadership and team will stay intact while using New Frontier Data’s infrastructure, according to the press release.
The companies said they plan to layer and correlate data sets and combine proprietary algorithms to more accurately predict cannabis consumer behavior.
The value of the transaction is more than $10 million in cash and stock, according to New Frontier.
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“New Frontier Data has been the go-to cannabis market analytics firm trusted by the global investment community since 2014. Today, as mature market entrants move beyond examining investment risks and opportunities to connecting with the cannabis consumer, Zefyr enables us to expand and deepen our data services to support these evolving cannabis data needs,” New Frontier Data founder and CEO Giadha Aguirre de Carcer said in a statement.
“After one year of working together, this transaction culminates a number of investments in support of our joint efforts to leapfrog current offerings.”
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