Gurugram headquartered advertising firm SyncMedia has acquired media-tech startup Adorithm for $1 million to improve its data and technology-based product offerings and optimise costs.
As part of the acquisition, SyncMedia will absorb Adorithm’s team, product and intellectual property (IP), a statement said.
Founded in 2019 by Prakhar Gupta, Amit Duggal and Shashank Pathak, Adorithm uses artificial intelligence (AI) and machine learning (ML) algorithms to enable brand marketers, agencies and startups to optimise their media spends.
“Several companies across industries are investing a sizable amount of money in marketing and still rely on traditional methods to evaluate performance making it difficult for them to calculate return on investment (ROI)”, co-founder Gupta said.
“Within a short span of time, SyncMedia has already made a big mark by introducing the new way of advertising and now with added capabilities, we are confident that the marketers would follow such models of evaluating results,” he added.
SyncMedia, on the other hand, was founded in 2017 by Anubhav Sharma and Vikas Saxena to help advertisers and broadcasters accurately measure media performance to optimise brand impact across categories such as television, over-the-top (OTT) and digital video advertising. It counts companies such as Hindustan Unilever (HUL), Vivo, Apple, H&M, Pizza Hut, Ford, Pepsi, Lufthansa and Mankind as its customers.
In 2018, Sandeep Goyal, chairman of Mogae Media and former founder chairman of Japanese advertising major Dentsu India, acquired a 10% stake in SyncMedia.
“With this acquisition, we will be able to cater to our customers with deep insights backed by
enhanced AI and ML expertise. Our solution provides sophisticated cause-and-effect analytics revealing the optimisation opportunities for brands, media agencies and broadcasters. We are aiming around 100% growth in revenues with our increased focus on digital-first companies,” co-founder Sharma, also the CEO of SyncMedia, said.
This acquisition marks the second deal in the ad-tech space in 2020. In January, out-of-home (OOH) advertising startup AdOnMo raised $3 million in a seed round, led by venture capital firm BAce Capital, an affiliate of Hangzhou headquartered Alibaba Group, and Ant Financial.