Microsoft acquires vendor marketing platform startup PromoteIQ
Microsoft announced Monday it has acquired PromoteIQ, a tech startup that helps retailers incorporate ads into their online storefronts. The terms of the deal weren’t disclosed. Formerly known as Spotfront, PromoteIQ is an automated vendor marketing platform for e-commerce. It offers Promote software platform that gives retailers the ability to monetize their e-commerce site traffic and gives brands the tools to manage and promote their products on-site in real time. PromoteIQ has about 40 employees, according to its company profile on LinkedIn.
The New York-based PromoteIQ was founded by Alex Sherman and Peter Schwartz in 2012. Its clients include retailers like B&H, Kroger and Office Depot. PromoteIQ has pioneered the private marketplace approach to digital vendor marketing. PromoteIQ’s technology strategically complements Microsoft’s current retail advertising offerings, and together, we can enable retailers with a portfolio of technology solutions to modernize their e-commerce platforms and maximize their monetization opportunity.
In a blog post, Rik van der Kooi Corporate Vice President, Microsoft Advertising, said: “I am excited to announce that Microsoft has acquired PromoteIQOpens in new window, the leading provider of vendor marketing technology to online retailers and brands. We are constantly striving to empower our retail and manufacturing clients with solutions to help them grow their e-commerce and in-store commerce businesses. Today’s announcement is an important step in the journey to innovate and accelerate our offerings.”
According to the announcement, PromoteIQ clients, which include leading global retailers such as Kroger, Kohl’s and Overstock.com, will continue to benefit from the PromoteIQ platform and team, and will now benefit from more resources and support from Microsoft. PromoteIQ will maintain its brand and become a division within Microsoft Advertising.
“We greatly admire the work PromoteIQ has done and couldn’t be more excited about this acquisition’s potential to empower global retailers and brands, accelerate PromoteIQ’s growth and expand Microsoft Advertising’s reach and scale,” Rik van der Kooi added.