A Waterford tech company has sold for over 55 million euros.
Advertising-technology company Kargo has acquired StitcherAds, an ad-tech firm focused on driving e-commerce sales.
StitcherAds is excited to share that we have been acquired by @kargo.
We will continue our innovation in the mobile and social advertising landscape, now, with the power of one of the world's leading mobile technology platforms behind us.
Learn more at https://t.co/HBpkQUt5rp.
— StitcherAds (@StitcherAds) October 18, 2021
According to The Wall Street Journal, Kargo paid $65m to acquire the Déise company.
The Waterford-based company has a workforce of around 120 people, with some based in Austin, Texas, London, and New York.
The company also manages over €500m of online ads for major companies such as Macy’s, Saks Fifth Avenue, and Bed Bath & Beyond from their Waterford office, making it the largest advertising agency in Ireland.
CEO of Kargo, Harry Kargman says the Waterford-based company will drive paid ads for retailers and other brands across several platforms including Facebook, Snapchat, and TikTok.
Earlier this year, StitcherAds, known before as Betapond, created 40 new jobs.
After a five-month period of running Enhanced DPA on StitcherAds, the Jules and Keyade team saw a 42% ROAS. Read how they did it in our latest case study.https://t.co/wobaxyoMur pic.twitter.com/6sKP4oWcsB
— StitcherAds (@StitcherAds) September 13, 2021
According to the Irish Times, the company that was founded in 2009 saw 'significant growth' during the Covid-19 pandemic, with 80% of its revenues in the US.