PromoteIQ, the automated vendor marketing platform for retailers and brands, has been acquired by Microsoft. The terms of the transaction were not disclosed. “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,” remarked Alex Sherman and Peter Schwartz, Cofounders of PromoteIQ.
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 – Alex Sherman and Peter Schwartz, Cofounders of PromoteIQ
Founded by Sherman and Schwartz (both former MediaMath early employees) in 2012 as Spotfront, PromoteIQ has raised a total of $6.5M in funding across two rounds with a $3.4M raise in the fall of 2018. Investors in the company include Laconia Capital and Nauta Capital. The company is working with some of the world’s largest online retailer and brands including Kroger, Kohl’s, Office Depot, B&H Photo, and Overstock.com.
Here’s an excerpt from an interview with CEO Alex Sherman we did in 2017:
