Beeswax Acquires MediaGamma LTD
Acquisition accelerates AI and machine learning development in Beeswax’s BaaS platform and expands company’s presence in Europe
April 15, 2020 – NEW YORK – Beeswax, the creator of the Bidder-as-a-Service™ has acquired London-based MediaGamma LTD. MediaGamma’s head of data science, Shuai Yuan, PhD, will join Beeswax as Director of Data Science, based in London, and will spearhead the company’s expanding investment in machine learning.
Nozzle.ai (originally incubated by MediaGamma), an advanced machine learning platform that helps brands and agencies optimize their sales and advertising performance on Amazon, will remain an independent company led by Executive Chairman Victor Malachard and CEO Rael Cline. Nozzle.ai will use funds from the asset sale to accelerate the development and adoption of its platform as well as expand its international footprint.
“We’re thrilled to bring in a leading ad tech-focused AI and ML team to accelerate the development of our BaaS platform, strengthen our optimization solutions, and build tools to empower our sophisticated customers,” remarked Beeswax CEO Ari Paparo.
“This asset sale enables us to focus exclusively on Nozzle in a sector that is growing at a phenomenal pace. We now have the right team, technology and IP to execute our plans, and we are very excited about our continued growth prospects as marketing budgets continue to shift towards eCommerce and online marketplaces such as Amazon,” said Nozzle Executive Chairman Victor Malachard.
The acquisition closed last week and resulted in three of MediaGamma’s data science team members joining Beeswax’s London office.
Beeswax was founded in 2014 by industry veterans who recognized that traditional, one-size-fits-all DSPs, originally designed for an agency model, are under-serving today’s sophisticated media buyers. It’s Bidder-as-a-Service™ platform enables brands, media companies, and advertising technology firms to gain greater control, flexibility, and transparency over their programmatic advertising. The Company is based in New York City and investors include The Foundry Group, RRE Ventures, Amasia.vc, You & Mr. Jones, and SV Angel.
Nozzle.ai was developed by MediaGamma LTD in 2018 with a mission to both simplify and maximise profits and advertising investment returns for brands on Amazon. A spin-out from the Computer Science department at University College London (UCL), the platform is purpose-built using deep Amazon domain expertise in day-to-day and strategic decision-making and is combined with market-leading machine learning. The company is headquartered in London.
By The Beeswax TeamRead More