Deloitte Buys AI Business of Martech Firm Magnetic

Global consulting firm Deloitte has acquired the AI platform business of NYC-based marketing tech company Magnetic Media Online, Inc. The buy, of which terms were not disclosed, will help it give clients 'better data management capabilities, AI and machine learning-driven insights'.

Deloitte says Magnetic's technology will help make Deloitte Digital's Experience Services platform 'both smarter and faster'.

Magnetic was founded a decade ago, and currently uses its AI platform to analyze the attributes of more than 350 million live user profiles, alongside real-time inventory supply and bid opportunities, to drive targeted campaigns. It's been acquisitive itself, buying site optimization and retargeting provider Cognitive Match in May 2014, and merging with multi-channel marketing firm MyBuys the following year, while raising $25m in equity funding.

Following the latest deal, Magnetic will retain its brand name and offices, but its product and engineering employees will eventually join Deloitte Digital's Experience Services group in offices in Detroit, San Francisco and Manhattan.

Angel Hollis Vaccaro, Principal at Deloitte Consulting LLP and leader of Deloitte Digital's Experience Services, comments: 'To enable an end-to-end experience, our clients need to collect, analyze, and integrate their audience and customer interaction data across the enterprise. By combining Magnetic's audience data capabilities with Deloitte Digital's customer data experience, we can help our clients do just this inside their own environment, designed to give them full control and transparency. Add on Magnetic's AI/ML capabilities alongside Deloitte's software alliances, and you have real-time decisioning that can deliver the right content, to the right person, at the right time - across any channel'.

Magnetic's Executive Chairman and CEO Corey Ferengul comments: 'We're passionate about bringing cutting-edge solutions to clients and helping them succeed. Together, we will build on this commitment by helping brands of all sizes engage more effectively with their consumers and create positive, profitable, long-lasting customer relationships'.

Web site: www.deloittedigital.com/experienceservices .