PressReader was founded back in 1999 as Newspaper Direct. It now operates a platform that converts newspapers and magazines into digital formats, while offering a $29.99 monthly subscription that provides unlimited access to more than 7,000 of those titles.
News360, meanwhile, is relatively youthful, having been founded in 2010. It has also created a news aggregation app, but the announcement makes it sound like PressReader was particularly interested in the company’s NativeAI technology for analytics and personalization.
In a statement, PressReader CEO Alex Kroogman suggested that News360’s technology will be used to improve PressReader’s consumer experience and publisher tools:
In a world where news fatigue is a real and growing problem, and media literacy a global concern, it’s more important than ever for people to have access to the trusted content they need in an engaging environment. By understanding each person’s interests, and building advanced data science systems around content analytics, we will be able to give our millions of readers the trusted media they want, how they want it, when they want it, and where they want it, while building more audience intelligence into the data that drives our publisher and brand partnerships.
The News360 team will be joining PressReader and working out of the acquiring company’s Vancouver headquarters.
News360 CEO Roman Karachinsky told me via email that the combined company will continue to support the News360 app and “develop it alongside the PressReader apps,” but he added, “In the short-term[,] the team will be focused on adding News360 tech into PressReader, so I wouldn’t expect big changes to the News360 app until we’re done with this.”
The financial terms of the acquisition were not disclosed. According to Crunchbase, News360 has raised a total of $7.5 million from investors, including Ordell Capital.