Arlington, VA based geoiQ (formerly Fortius One) announced their acquisition today by esri, the second largest privately held software company in the world. esri is also the largest geospaitial company around. We are especially excited to see the geoiQ team’s crossing the finish line after years of hard work. The company’s leadership team presented the company at an early Social Matchbox Startup Launch Series event. Terms for the deal were not disclosed, but President & Founder Sean Gorman told us the team plans to keep working on the product. Members of the team are distributed between Arlington, VA, Denver, CO, and the UK. geoiQ CEO Frank Moyer said it was a long road, but they got the desired result.
According to Gorman, the company started out with the goal of taking the traditional world of desktop GIS software concept and making that accessible to the public. That evolved over time and ultimately the acquisition by esri will allow for the geoiQ team to combine their products (GeoCommons and GeoIQ) and efforts with the breadth and scope of a much larger audience. esri’s user base for their product, ArcGIS, spans 1 million desktops and 300,000 organizations.
Gorman also mentioned that the team will continue to grow under the esri umbrella. Future plans include potentially opening a new R&D center in the Washington, DC area to focus on doing big data analysis and advanced analytics, and more. Moyer added that the combination of great people and great technologies from the two companies represents a great opportunity for the industry and that everyone is very excited.
The company received help along the way from George Mason University and local investment funds including New Markets Venture Partners at the University of Maryland, In-Q-Tel of Northern Virginia, and Maryland based Walker Ventures. Overall the company raised a total of $11.5 Million through Series A, Series B, and Series C rounds. Their most recent round of funding was $5.5 Million in August 2010. geoiQ acquired CTO Andrew Turner’s company Mapufacture in 2008 which helped the company get to where they are today. The company was originally in 2005, launching a while later.