Category: IT News

Philadelphia Adtech Startup Sidecar, Backed by $33.5M in Funding, Acquired by New York Competitor

Posted on by admin_EIS_

Philadelphia advertising technology startup Sidecar has been acquired by New York-based competitor Quartile.

The deal closed last week, and the terms were not disclosed. Sidecar will take Quartile’s name, and the company will retain its office at One South Broad in Philadelphia. The acquisition will fold Sidecar’s 180 employees into Quartile, bringing the total headcount to 300.

Quartile CEO Daniel Knijnik will remain chief executive, and Sidecar CEO Andre Golsorkhi will serve as president of the company.

Sidecar is an e-commerce tech firm that uses artificial intelligence to help retailers determine where and how to market their products. It was founded in 2014 with a focus on the e-commerce space for small and large online retailers.

Sidecar raised a total $33.5 million in venture capital before the acquisition. It last raised a $7.5 million round in 2019. Investors included Ben Franklin Technology Partners of Southeastern Pennsylvania, Harbert Growth Partners, Osage Venture Partners, Ascent Venture Partners and Robin Hood Ventures.

Read the full article here.

Clutch Raised $5.25 million and Acquired Chicago Company, Persio

Posted on by LenaW

Ambler-based marketing company Clutch has announced its acquisition of Chicago-based company Persio for an undisclosed amount. It also announced a $5.25 million round of funding, bringing the total fundraising to nearly $20 million.

Persio, founded in 2012, is an intelligent mobile promotions platform. It has led hundreds of successful campaigns for retailers with inventive mobile marketing techniques like mobile scratch-and-win offers and promotions for mobile apps. It will add powerful new mobile marketing capabilities to the Clutch platform.

Co-founder Ned Moore will remain CEO of the company, which will retain the Clutch name. Between the company’s Ambler HQ and Persio’s existing offices in Chicago, Clutch will grow to 75 employees.

Per the release, Clutch is now in a position to capture a bigger share of the $32 billion marketing technology industry. Brands are increasingly looking to automate mobile solutions to deliver rewards, coupons, and more. Simultaneously, marketing departments need a technology stack that can do the work of several vendors hired to solve discrete problems.

A strong complement to other channels, SMS marketing has seen increased demand among brands and retailers looking to reach mobile customers in real time. In fact, SMS messages have a 98 percent open rate.

Clutch plans to make the new mobile functionality available to clients in the first quarter of 2017. The transaction closed in December.

In addition to acquiring Persio, the venture-backed company also announced a $5.25 million round of funding. Furthermore, it added a new seat on its board of directors which will be occupied by Philly-based Olivam Partners CEO Larry Stone. Stone is the single investor behind the round. Previous investors in the company include Safeguard Scientifics, which has been consistently investing in the company since 2014.

Read the full article at Technically Philly.

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