GoodData, a San Francisco-based analytics company, announced an investment and strategic partnership with Visa Inc., one of the world’s largest digital payment providers.
Terms of the deal were not revealed.
The companies said they will develop data products to improve the lives of consumers and companies.
GoodData Co-Founder and CEO Roman Stanek said the deal’s timing, amid a pandemic, underscores Visa’s commitment to become more of a data company, and to use data-driven insights to help sellers, banks and its business network meet consumer needs.
The investment bolsters Visa’s commitment to provide access to data and analytics that help Visa clients understand the impact and effectiveness of the critical decisions they make, GoodData said.
“Visa’s investment will allow us to increase our focus on interactive self-service analytics, user interfaces and data visualizations, as well as expand our customer support for managing complex data governance, compliance, cybersecurity, and privacy matters,” Stanek said in a statement.
Visa Senior Vice President Melissa McSherry said with insights from data, Visa can help sellers, financial institutions and Visa’s extended global business network better understand and meet consumer needs, especially when those needs are changing fast.
“Our partnership with GoodData will allow us to do that,” she said in a statement.
Earlier this month, GoodData announced several new capabilities have been added to its Accelerator Toolkit, which is used by companies to add data analytics. The enhanced tools are another step in the process of making data understandable and relevant, the company said at the time.
Last month, GoodData helped develop and launch the COVID-19 Commerce Insight project to analyze a billion engagements and 400 million transactions showing the impact of the pandemic on global and regional consumer spending.
GoodData provides insights to more than 2 million users in more than 145 countries, and the GoodData platform is used by more than 50 percent of the Fortune 500, the company said.
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