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US Buy and Expansion for Retail Specialist SweetIQ
Montreal, Canada-based SweetIQ, a provider of retail measurement and marketing software, has acquired part of Californian direct-to-business local marketing firm Connectivity, in an all-cash transaction; and has opened a new office in Irvine, CA.
SweetIQ, which raised $4.2m in a Series A round last November, offers a platform analysing the online performance of real world stores, notably the impact of their digital ads on in-store sales - and helps clients create and roll out local marketing campaigns. The latter will be now be joined by the local marketing division of Burbank-based Connectivity, which works with more than 20,000 brick-and-mortar locations across the USA
SweetIQ says the buy accelerates its ongoing expansion in the US market, significantly increasing its market share. This reflects 'a growing shift in the local marketing industry' away from marketing via 'basic listings products' and towards complex, analytics-driven products for connection with 'hyper-local consumers'. In addition to the new office, it is hiring another 30 national and inside sales reps to support the push.
Mohannad El-Barachi, co-founder and CEO of SweetIQ, says the buy 'expands the firm's position as a leader in the local marketing industry, giving it the opportunity to export its expertise to other markets'. Emad Fanous, co-founder and COO of Connectivity says the company received 'multiple offers' but view SweetIQ's 'platform, service, and product vision' as 'second to none'. He adds: 'We are reviewing several other expansion opportunities and hope to make additional announcements soon'.
Web site: www.sweetiq.com .
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