Company:Net Perceptions
| Industry | software |
|---|---|
| Founded | 1996 |
| Founders | Steven Snyder, John T. Riedl, Joseph A. Konstan, Brad Miller, David Gardiner |
| Headquarters | Edina, Minnesota |
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]
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][7] went public on March 29, 2000 offering 2,000,000 shares of common stock, resulting in net proceeds to the company of $84.8 million, with 26,297,863 outstanding shares,[8] had 400 employees and stock at $60 per share,[9] and acquired marketing services startup KD1 for $126 million.[10] Then over time the stock lost 95 percent of its value, and it laid off most employees.[9] The company was delisted from the NASDAQ September 3, 2004,[11] and returned about $40 million to stockholders that same year.[12]
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."[13]
References
- ↑ 1.0 1.1 "Net Perceptions sold, will move East". http://www.bizjournals.com/twincities/stories/2004/04/19/daily33.html.
- ↑ "Brad Miller". https://www.luther.edu/millbr02/.
- ↑ "Fine Tuning the Social Web: John Riedl". 14 March 2017. https://inquiry.research.umn.edu/2013/04/22/fine-tuning-the-social-web-john-riedl/.
- ↑ "Remembering John Riedl, Recommender Systems Pioneer". http://www.richrelevance.com/blog/2013/08/remembering-john-riedl/.
- ↑ "Minnesota in the .Com Age". Minnesota Public Radio. 1999. http://news.minnesota.publicradio.org/features/199912/01_newsroom_dotcom/images/dotcom.pdf. Retrieved 2009-12-30.
- ↑ Dragan, Richard (January 2001), "Net Perceptions for E-commerce 6.0", PC Magazine, https://www.pcmag.com/article2/0,2704,107446,00.asp
- ↑ "Firms honored at e-commerce awards". MIT. May 19, 1999. http://web.mit.edu/newsoffice/1999/ecomm-0519.html.
- ↑ "Net Perceptions, Inc. SEC Form 10-K Filed March 29, 2000". May 19, 1999. https://www.plainsite.org/markets/net-perceptions-inc-netp/form-10-k/fw504m5s/. Retrieved Dec 4, 2022.
- ↑ 9.0 9.1 "Net Perceptions has cash stash for future". Minneapolis / St. Paul Business Journal. Dec 2, 2001. https://www.bizjournals.com/twincities/stories/2001/12/03/story3.html. Retrieved Dec 4, 2022.
- ↑ Newswires, Dow Jones (17 January 2000). "Net Perceptions to Buy KD1 for $126.4 Million in Stock". Wall Street Journal. https://www.wsj.com/articles/SB948123521285069881.
- ↑ "Net Perceptions: laboring towards the end". TechMonitor. September 2, 2004. https://techmonitor.ai/technology/net_perceptions_laboring_towards_the_end. Retrieved Dec 4, 2022.
- ↑ "Net Perceptions returns cash to shareholders". USA Today. Aug 7, 2003. http://usatoday30.usatoday.com/tech/techinvestor/techcorporatenews/2003-08-07-net-perceptions_x.htm. Retrieved Dec 4, 2022.
- ↑ "Net Perceptions, Inc. Completes the Acquisition of Concord Steel -- re> STAMFORD, Conn., Oct. 4 /PRNewswire-FirstCall/ --". http://www.prnewswire.com/news-releases/net-perceptions-inc-completes-the-acquisition-of-concord-steel-55948087.html.
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