Tech

Waterford tech company sells for €55 million

Waterford tech company sells for €55 million

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.

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According to The Wall Street Journal, Kargo paid $65m to acquire the DΓ©ise 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.

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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.

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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.

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