Net Perceptions

Net Perceptions was a leading seller of personalization technology during the Internet boom of the late 1990s. It was based in Edina, Minnesota.[1] One of their first customers was Amazon.[2][3][4]

Net Perceptions
Industrysoftware
HeadquartersEdina, Minnesota
Key people
David Gardiner
Steven Snyder

History

In the Summer of 1996, David Gardiner, a former Ph.D. student of John Riedl, introduced Riedl to Steven Snyder. Snyder had been an early employee at Microsoft, but had left Microsoft to come to Minnesota to do a Ph.D. in Psychology. He realized the commercial potential of collaborative filtering, and encouraged the team to found a company in April 1996. By June, Gardiner, Snyder, Miller, Riedl, and Konstan incorporated their company, and by July had their first round of funding, from Hummer Winblad Venture Partners.[5] Net Perceptions went on to be one of the leading companies in personalization during the Internet boom of the late 1990s,[6] went public,[7] had 400 employees and stock at $60 per share,[8] and acquired marketing services startup KD1 for $126 million.[9] Then over time the stock lost 95 percent of its value, and it laid off most employees.[8] The company stayed in business until 2004.[10][11]

Move to Connecticut

In 2004, Kanders & Co. bought the company and moved it to Greenwich, Connecticut[1] "to build a diversified, global industrial products group."[12]

References
  1. http://www.bizjournals.com/twincities/stories/2004/04/19/daily33.html
  2. https://www.luther.edu/millbr02/
  3. https://inquiry.research.umn.edu/2013/04/22/fine-tuning-the-social-web-john-riedl/
  4. http://www.richrelevance.com/blog/2013/08/remembering-john-riedl/
  5. "Minnesota in the .Com Age" (PDF). Minnesota Public Radio. 1999. Retrieved 2009-12-30.
  6. Dragan, Richard (January 2001), "Net Perceptions for E-commerce 6.0", PC Magazine
  7. http://www.nasdaq.com/markets/ipos/filing.ashx?filingid=824510
  8. https://www.bizjournals.com/twincities/stories/2001/12/03/story3.html
  9. https://www.wsj.com/articles/SB948123521285069881
  10. "Firms honored at e-commerce awards". MIT. May 19, 1999.
  11. http://usatoday30.usatoday.com/tech/techinvestor/techcorporatenews/2003-08-07-net-perceptions_x.htm
  12. http://www.prnewswire.com/news-releases/net-perceptions-inc-completes-the-acquisition-of-concord-steel-55948087.html


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