Net Perceptions

Net Perceptions
TypePrivate company
IndustrySoftware
Founded1996 (1996)
FoundersSteven Snyder, John T. Riedl, Joseph A. Konstan, Brad Miller, David Gardiner
Headquarters
Edina, Minnesota
,
United States
Key people
Warren B. Kanders

Net Perceptions was an American software company that was the 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]

The company's software was designed to increase new and repeat business by using data to learn about a customer's individual needs and preferences and then making personalized product and service recommendations to them.[5]

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.[6] Net Perceptions went on to be one of the leading companies in personalization during the Internet boom of the late 1990s,[7][8] 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,[9] had 400 employees and stock at $60 per share,[10] and acquired marketing services startup KD1 for $126 million.[11] Then over time the stock lost 95 percent of its value, and it laid off most employees.[10] The company was delisted from the NASDAQ September 3, 2004,[12] and returned about $40 million to stockholders that same year.[13]

Move to Connecticut

In 2004, Kanders & Co. bought the remnants of the company and moved it to Greenwich, Connecticut[1] "to build a diversified, global industrial products group."[14]

References

  1. ^ a b "Net Perceptions sold, will move East".
  2. ^ "Brad Miller". www.luther.edu. Archived from the original on 2015-04-28.
  3. ^ "Fine Tuning the Social Web: John Riedl". 14 March 2017.
  4. ^ "Remembering John Riedl, Recommender Systems Pioneer".
  5. ^ "Net Perceptions - About the company". Tracxn. February 25, 2025.
  6. ^ "Minnesota in the .Com Age" (PDF). Minnesota Public Radio. 1999. Retrieved 2009-12-30.
  7. ^ Dragan, Richard (January 2001), "Net Perceptions for E-commerce 6.0", PC Magazine
  8. ^ "Firms honored at e-commerce awards". MIT. May 19, 1999.
  9. ^ "Net Perceptions, Inc. SEC Form 10-K Filed March 29, 2000". May 19, 1999. Retrieved Dec 4, 2022.
  10. ^ a b "Net Perceptions has cash stash for future". Minneapolis / St. Paul Business Journal. Dec 2, 2001. Retrieved Dec 4, 2022.
  11. ^ Newswires, Dow Jones (17 January 2000). "Net Perceptions to Buy KD1 for $126.4 Million in Stock". Wall Street Journal.
  12. ^ "Net Perceptions: laboring towards the end". TechMonitor. September 2, 2004. Retrieved Dec 4, 2022.
  13. ^ "Net Perceptions returns cash to shareholders". USA Today. Aug 7, 2003. Retrieved Dec 4, 2022.
  14. ^ "Net Perceptions, Inc. Completes the Acquisition of Concord Steel -- re> STAMFORD, Conn., Oct. 4 /PRNewswire-FirstCall/ --". www.prnewswire.com. Archived from the original on 2014-03-13.
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