The search retargeting company Magnetic announced it will merge with MyBuys, a provider of multichannel personalization technology. The combined company will operate under the Magnetic name and will be led by Magnetic’s CEO James Green. MyBuys CEO Rita Brogley will sit on the board of directors of the new company.
Terms of the deal were not released, but Magnetic announced that it had received $25 million in equity funding led by Edison Partners with participation from Charles River Ventures, ORIX Ventures, and the Honeywell pension.
Magnetic’s platform collects search and purchase intent signals from in-market shoppers on hundreds of thousands of sites. MyBuys mines knowledge of consumers’ online and offline purchases and shopping behaviors to deliver personalization solutions.
“We constantly hear from marketers that there are too many point solutions,” Green said in a release about the news. “Our merged product suite frees marketers from such traditional silos by bringing them together under one roof. It’s super exciting to be at the forefront of such a dramatic shift.”
Brogley, too, expressed that the companies are an ideal fit. “Very few companies benefit from such an exceptional set of data and technology assets,” she said in a statement. “Together we have the opportunity to reshape the way marketers engage with people everywhere they shop, and at every stage of the customer journey.”