London AdTech firm acquired by Beeswax
New York-based Beeswax has acquired London AdTech firm MediaGamma.
The deal, for an undisclosed sum, sees MediaGamma's head of data science, Shuai Yuan, PhD, join Beeswax as Director of Data Science, based in London.
Yuan will also lead the company's expanding investment in machine learning.
Three of MediaGamma's data science team members will join Beeswax’s London office.
MediaGamma’s machine learning platform for Amazon sellers, Nozzle.ai, will remain an independent company led by executive chairman Victor Malachard and CEO Rael Cline.
Nozzle.ai will use funds from the sale to increase adoption of its platform and boost its international expansion.
“We’re thrilled to bring in a leading ad tech-focused AI and ML team to accelerate the development of our BaaS platform, strengthen our optimization solutions, and build tools to empower our sophisticated customers,” said Beeswax CEO, Ari Paparo.
Nozzle executive chairman Victor Malachard added: “This asset sale enables us to focus exclusively on Nozzle in a sector that is growing at a phenomenal pace.
“We now have the right team, technology and IP to execute our plans, and we are very excited about our continued growth prospects as marketing budgets continue to shift towards eCommerce and online marketplaces such as Amazon.”