Two companies in the big data realm are planning to merge in a move that will help expand the use of risk-reduction technology that helps users safely navigate high-crime areas.
Helios and Matheson Analytics, a New York City-based big data technology and analytics company, and Florida-based RedZone Maps did not disclose financial specifics. Their merger is subject to approval on the NASDAQ market and other closing conditions.
The merger might be worth watching for the property/casualty insurance industry considering the space in which both companies operate. Plans call for using Helios and Matheson’s artificial intelligence and deep learning analytics technology to help RedZone Maps reach a global market with its crime mapping system.
Helios and Matheson’s customer base includes banking, financial services and insurance. RedZone Maps markets its technology as a safety map application that helps travelers avoid potential “red zone” areas in which crime is happening in real time. The company’s free app relies on a social media component that updates with up-to-the-minute data from more than 1,400 local, state, national and global sources. It is available for iOS users and an Android version will launch soon, according to the deal announcement.
Helios and Matheson also has offices in Silicon Valley and India and an offshore development center in Chennai, India. RedZone Maps maintains additional offices in Israel.