Microsoft acquires marketing tech start-up PromoteIQ
Vendor marketing technology firm PromoteIQ has been acquired by Microsoft.
Founded in 2012, the firm, allows retailers to build and scale vendor marketing programmes on their eCommerce properties.
Its platform allows retailers to launch and scale vendor marketing programs on their retail websites, with the goal of generating incremental revenue.
Prior to the acquisition, PromoteIQ had raised a total of $6.5m in funding from investors include London-based Nauta Capital and Laconia.
As part of the acquisition, the company will become a division of Microsoft’s Advertising arm – with the company’s founder and CEO, Alex Sherman continuing to lead PromoteIQ and reporting to Rik van der Kooi, corporate vice president of Microsoft Advertising.
“PromoteIQ is thrilled to be joining forces with Microsoft to expand our joint vision improving e-commerce by empowering retailers and brands with technology.
“Today’s announcement is an important step in the journey to innovate and accelerate our offerings,” said Sherman.
The firm’s clients include American brands Kroger, Kohl’s, Office Depot, and Overstock.com among thousands of smaller brands.
The company’s clients will continue to benefit from the PromoteIQ platform and the added resources and support from Microsoft.