Funds and Merger for Ad Tech Firm Magnetic

In New York, digital ad technology firm Magnetic has merged with multi-channel marketing and personalization specialist MyBuys. Terms of the deal are not known. Separately, Magnetic has raised $25m in equity funding.

Magnetic's platform collects search and purchase intent data from in-market shoppers across hundreds of thousands of sites, while MyBuys uses data on consumers' online and off-line purchases and shopping behaviour to deliver personalized communications. The firms say their combination will help marketers prospect, acquire, convert and reactivate customers across a variety of channels.

The combined entity will operate under Magnetic's name, and will be led by James Green, current CEO of Magnetic. MyBuys CEO Rita Brogley, who will join the Magnetic Board of Directors, comments: 'Very few companies benefit from such an exceptional set of data and technology assets. Together we have the opportunity to reshape the way marketers engage with people everywhere they shop, and at every stage of the customer journey.'

Separately, Magnetic says it will accelerate product development after raising $25m in a round of equity funding led by Edison Partners with participation from Charles River Ventures, ORIX Ventures and others.

Web sites: www.magnetic.com and www.mybuys.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.