iBelong Acquires Redwood Technology, Verilytics Formed

iBelong Inc announced that it has acquired technology from Boston-based Redwood Investment Systems and adopted a new name for the company, Verilytics Inc. Redwood Founder Shekhar Shastri and 32 additional Redwood employees have joined Verilytics. Shikhar Ghosh, iBelong president, CEO and cofounder, will serve as Verilytics' president and CEO. Financial terms of the deal were not disclosed.

Ghosh said iBelong first met with Redwood leaders in mid-2000 to learn about the company's analytic infrastructure software, and determine how it might complement iBelong's information delivery platform. "We soon recognized that, when combined, our technologies would meet an urgent business need neither of us could address as successfully on our own: the need to digest mission-critical data, discover its most meaningful kernels of information, and deliver that knowledge to decision makers, all in real-time."

Shekhar Shastri, who founded Redwood in 1996, agreed. "This really is a case of the total being greater than the sum of its parts. Together, as Verilytics, we will develop an information distillation platform to power a wide range of applications that are more intelligent and dynamic than anything now available. We're on a mission to give our clients a competitive edge by helping them tame today's wild torrent of business information, and place exactly the information they need in front of them at exactly the time they need it."

"Real-time analytics are rapidly moving to the forefront of tools for gaining competitive advantage," noted Nathaniel Palmer, principal of Boston-based analyst firm Delphi Group. "Yet, what has been largely absent from this software segment are applications designed specifically to provide front-line workers with contextualized answers, rather than simply filtered information. Combining a uniquely accessible interface from iBelong with the sophisticated analytic tools from Redwood, Verilytics' solution has the potential to redefine the benchmark for real-time decision making."

Currently, Verilytics' combined customer base includes some of the world's leading corporations, such as Household International, Avon Products Inc and insurance provider Seabury & Smith. "Today, these companies are using our technology to monitor investments, communicate with customers and educate employees," said Ghosh. "As we move toward the release of our new, unified platform later this quarter, all of our clients -- new and existing -- will gain access to a host of functions designed to offer compelling business benefits to global financial services firms and companies committed to customer relationship management (CRM)."

Verilytics employs 110 people in total, including engineers, marketing specialists, Web designers, and software developers. The company manages two offices in Massachusetts (Waltham and Boston) and two development centers in India (Delhi and Bangalore).

About Verilytics Inc

Verilytics, formerly iBelong Inc, is creating a technology platform to aggregate, analyze and deliver clients' business-critical information, all in real time. Led by veteran entrepreneur Shikhar Ghosh, and backed by investors Moore Capital Management, NETinvest Holding AG, and Household International, Verilytics is privately held. The company is based in Waltham, Mass., with offices in Boston, Delhi, India and Bangalore, India. For more information, visit www.verilytics.com.

Contact Kirsten Lewis at Verilytics, 781-672-8215, klewis@verilytics.com.