Bee Media, which has developed a mobile shopping platform, said today it has acquired Adcentricity, a location-based digital media tech company. Terms of the deal were not disclosed.
Toronto-based Bee Media will lose its name; the merged company now will be known as Adcentricity. It will target its offerings to marketers developing hyper-local ad campaigns.
Bee Media customers include CIBC and Canadian Tire, while Adcentricity's customers include Samsung and Toyota.
Doug Woolridge, CEO of Bee Media, will be chief executive of the merged company. Rob Gorrie, former CEO of Adcentricity, will stay on with the company as a senior strategic advisor.
Bee Media had employed 24, and Adcentricity of New York City had 20 staff before the acquisition. However, the combined firm will employ a more streamlined 30 on staff, according to a spokeswoman.
In an unrelated announcement, ad tech company Moat said it received $12 million in venture capital in a second round of venture funding. In a news release, the company said Monday it will hire staff to build out its offerings which currently include an analytics platform to help marketers learn whether consumers are paying attention to and engaging with ads.
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March 19, 2014