London, 5th August – PromoteIQ, a leading provider of vendor marketing technology for online retailers and brands, has been acquired by Microsoft.
Founded in 2012, the New York-based company pioneered the private marketplace approach to digital vendor marketing. Using PromoteIQ’s technology, retailers can build and scale powerful vendor marketing programmes on their e-commerce properties, generating incremental high margin revenue and providing their brands with a powerful new marketing channel.
PromoteIQ’s technology strategically complements Microsoft’s current retail advertising offerings, and the new combined entity will enable retailers with a portfolio of technology solutions to modernise their e-commerce platforms and increase their vendor marketing revenue.
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.” Alex Sherman.
Commenting on the news, Alex Sherman said: “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.”
With clients including leading global retailers such as Kroger, Kohl’s, Office Depot, and Overstock.com and thousands of their brand/vendor partners, PromoteIQ clients will continue to benefit from the PromoteIQ platform and the added resources and support from Microsoft.
Prior to today’s acquisition, PromoteIQ raised a funding round in 2017 co-led by pan-European venture capital firm, Nauta Capital alongside NY-based Laconia Capital.
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PromoteIQ automates vendor marketing for e-commerce. Their platform enables retailers to launch and scale powerful vendor marketing programs on their retail websites, generating incremental high margin revenue and providing their brands with a powerful marketing channel.
The PromoteIQ platform used by leading global retailers, include Kroger, Kohl’s, Office Depot and Overstock.com – and thousands of their largest brand partners – to power millions of dollars in retail marketing spend.
The company is based in New York and is led by Alex Sherman (CEO), Peter Schwartz (CTO) and Jing Feng (COO). Learn more at https://www.promoteiq.com/
Nauta Capital is a pan-European Venture Capital firm investing in early-stage technology companies, with offices in London, Barcelona and Munich. Nauta’s main areas of investment interests include B2B Software propositions, disruptive digital media companies, and enabling technologies for mobile and the Internet.
Nauta has €365M million under management and invests in Western Europe. Nauta has led investments in more than 50 companies including Brandwatch, Marfeel, Nextail, Holded, Mercaux, ForceManager, GetApp, BeMyEye, Geoblink, Smarp, Talentry, and ABA English. www.nautacapital.com