26 October 2023

IBM buys Czech startup Manta Software

American technology giant IBM has entered into an agreement to acquire Czech start-up Manta Software, which specialises in data management software. The financial details of the deal have not been officially disclosed, but according to reliable CzechCrunch sources, the amount is in the order of USD 150 million and potentially even higher.

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Manta Software was founded in 2016 as a spin-off of the software company Profinit and is based in Prague. The company focuses on providing transparency into organizations' data environments by providing a comprehensive map of data flows, sources and connections. Manta enables companies to better understand the data they work with. The Czech startup currently has offices in Prague, Dublin, Lisbon, London and Tampa.

IBM and Manta have been working together since June 2022, offering integrated capabilities within IBM's AI and data management services. Manta's clients include major companies such as T-Mobile, BMO, J.B. Hunt and SCP Health. Over the course of its journey, Manta has raised $52 million from investors, with its latest round of funding of $35 million last May. Major investors include SAP, Bessemer Venture Partners, Senovo, Czech-based Credo Ventures and US-based strategic investor Alteryx.

This acquisition is part of a growing trend of billion-dollar exits of startups founded in the Czech Republic, for example, earlier this year the Brno-based company Smartlook was bought by technology giant Cisco. In the previous year, there were two big billion-dollar exits: the US company Miro bought the startup Around and Google acquired Alter (formerly Facemoji).

"In the ever-evolving landscape of data management and technology, the collaboration between established technology giants like IBM and innovative startups like Manta Software is an example of the growing trend of strategic partnerships to meet the growing demand for data management and transparency tools."

-Jan Kudlák, TMT Leader