AI-powered sales software platform Cognism is adding to and enhancing its data offering through the acquisition of Newcastle-based Ricochet.

Ricochet offers a Chrome extension for outbound sales teams. It uses data aggregation to profile and qualify businesses in real-time, helping sales teams to identify new customer opportunities.

The acquisition is hoped to further strengthen London-based Cognism’s prospecting solution, bolstering its 400 million profiles, 10 million companies, and 20 million direct dials across the US and the EU, and creating a new offering for B2B organisations.

Ricochet was founded in 2018 by entrepreneur Paul Smith OBE, who previously founded UK accelerator Ignite and worked in senior roles in the Government of Dubai and at US-based transport company Hyperloop One, and Jo York and Kev Price, co-founders of social video platform Reframed.

Ricochet previously raised investment from the North East Innovation Fund (supported by the European Regional Development Fund and managed by Northstar Ventures) and angel investors including Friends Reunited founder Steve Pankhurst, Central Working co-founder Steve Pette and serial entrepreneurs Tristan Watson and Doug Scott.

Smith said: “We’ve admired Cognism’s approach and success since the early days of Ricochet, with both teams dedicated to empowering sales teams with actionable and accurate B2B data. We’re thrilled to be working with James and the team, and look forward to Ricochet’s technology helping Cognism’s customers improve efficiency and streamline their sales development activity.”

James Isilay, founder and CEO at Cognism, added: “I am delighted to welcome Ricochet to the Cognism family. Paul and his team have built a very impressive tool that is trusted by thousands of sales professionals in the B2B space.

“They solve a very difficult problem. Their focus on data quality makes them an easy fit for us at Cognism, being a world-leader in providing compliant business data. I am looking forward to working with everyone at Ricochet and helping our customers find and deliver new revenue opportunities in 2021 and beyond.”

Details of the acquisition were not disclosed.