Magnetic Acquires Adnamic For New Platform Technology
Acquisition Propels Magnetic's Analytics and Reporting Capabilities
NEW YORK, July 27, 2012 /PRNewswire/ -- Magnetic (www.magnetic.com), the leader in search retargeting, announced today that it has acquired Adnamic, a platform technology that increases Magnetic's analytics and reporting capabilities. This acquisition will further enhance optimization for Magnetic's search retargeting campaigns and will provide clients with detailed intelligence into their campaigns and target audiences.
Adnamic was founded by Joe Presbrey, an MIT graduate and entrepreneur who studied under Tim Berners-Lee, the inventor of the World Wide Web and MIT professor. Magnetic's acquisition of Adnamic marks Presbrey's second company exit – in 2006, Presbrey sold Sconex, a high-school networking site, for $6 million to Alloy Media and Marketing.
"The acquisition of Adnamic is 100% focused on technology," says James Green, CEO of Magnetic. "Adnamic's platform will build on Magnetic's search retargeting solution by adding more sources of media in an organized fashion, enhancing optimization across campaigns and generating advanced reporting that will help us and our clients better understand the data."
By combining Adnamic's best-in-class platform with Magnetic's proprietary data, Magnetic gains tremendous insight into previously hidden data points. Adnamic's technology will enable Magnetic to expand its focus to multiple data points that are pertinent to a brand's digital strategy and relevant to the consumer experience.
"There is a real synergy between data and the insights derived from a brand's media spend," says Joe Presbrey, Founder and Chief Technology Officer at Adnamic. "Adnamic's capabilities are a great complement to Magnetic's existing product and we're excited to bring together two technologies with expertise in a variety of disciplines including analytics, reporting, data, and campaign optimization."
As a part of this acquisition, Joe Presbrey will join Magnetic's team as Senior Platform Engineer and will lead the technology integration. Presbrey is currently receiving his Masters of Engineering at MIT.
Magnetic combines the power of search with the scale of display advertising, reaching consumers who have signaled purchase intent where they spend 96% of their time – on news sites, blogs, e-commerce sites and social networks. As the partner of choice for hundreds of brands, Magnetic's search retargeting capabilities and proprietary keyword generation solution power both brand awareness and direct response campaigns, enabling advertisers to target and engage users outside of the search engine with creative messages.
Headquartered in New York City, Magnetic also has offices in Los Angeles, Chicago and Detroit. For more information please visit www.magnetic.com.
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