Search retargeting firm Magnetic acquires platform technology Adnamic
Search retargeting firm Magnetic acquires platform technology Adnamic
Magnetic, a search retargeting firm, has acquired Adnamic, a provider of a platform that segments Web users to better target display advertising, says James Green, CEO of Magnetic.
“The technology behind Adnamic was built by Joe Presbrey—an engineer who was mentored by Sir Tim Berners-Lee at MIT, who is best known as the inventor of the World Wide Web,” Green says. “Joe built a great platform that was designed from the bottom-up to merge custom data with media.”
Magnetic will combine Adnamic's technology platform with its own search data, says Green in an effort to “improve campaign performance for Magnetic's clients and simplify operational processes.”
Adnamic will not retain its brand, Green says, declining to comment on any potential layoffs resulting from the acquisition. He confirms however that the acquisition is a "done deal."
Green declined to reveal financial terms of the acquisition and whether Magnetic considered any other technology platforms.
Green did however say the technology builder behind Adnamics, Joe Presbrey, will receive equity in Magentic as part of the transaction. Presbrey will also join Magnetic's team as senior platform engineer.
