- Microsoft announced that it has acquired vendor marketing technology company PromoteIQ. These are the details behind the deal.
Microsoft announced that it has acquired PromoteIQ — which is a leading provider of vendor marketing technology for online retailers and brands. The terms of the deal were undisclosed.
And PromoteIQ improves e-commerce by helping retailers and brands work together more effectively. The company’s technology reaches millions of shoppers daily and it powers millions of dollars of vendor marketing revenue on behalf of some of the largest retailers and brands in the world. Some of PromoteIQ’s customers include Kroger, Kohl’s, Office Depot, B&H Photo, and Overstock.com.
Founded by Alex Sherman CEO and CTO Peter Schwartz, PromoteIQ raised over $6 million in venture capital funding since it was founded in 2012.
“Retail is an industry in the midst of rapid fundamental change, and Microsoft has brought a humble, thoughtful approach to building out the defining operating system to power the future of commerce,” wrote the PromoteIQ founders in a statement. “Our combined entities have a tremendous opportunity to redefine and deliver the next generation of vendor marketing to retailers and brands. Microsoft brings industry-leading AI and machine-learning capabilities, as well as a strong global retail market footprint. We’ll have more plans to share on this front in the coming months, but we are confident that this acquisition will accelerate PromoteIQ’s growth and expand Microsoft’s reach and scale globally.”
Microsoft Advertising Corporate VP Rik van der Kooi pointed out that PromoteIQ’s clients will continue to benefit from the platform. And they will also now benefit from more resources and support from Microsoft.
“PromoteIQ will maintain its brand and become a division within Microsoft Advertising,” added Kooi.
