Progress Partners Advises on Sale of Magnetic to Deloitte
BOSTON & NEW YORK--(BUSINESS WIRE)--Oct 3, 2018--Progress Partners, a Boston- and New York-based M&A advisory firm, is pleased to announce that it has advised on the sale of Magnetic Online, Inc’s artificial intelligence platform to Deloitte. Deloitte Digital will utilize the platform to improve its data management and AI capabilities, particularly within its Experience Services platform.
The M&A advisory team from Progress Partners, which acted as financial advisor to Magnetic in the transaction, was led by Nick MacShane, and Bret Brase. “The Progress team were good partners. They assisted in all key areas and ultimately helped us find the right buyer in Deloitte Digital” said Magnetic’s CEO, Corey Ferengul.
Magnetic’s industry-leading platform improves programmatic advertising through AI, Machine Learning, and comprehensive audience data analytics. Specifically, the company’s AI platform helps advertisers, marketers, and programmatic platforms determine the optimal messaging, content, timing, and placement for each individual consumer experience. The platform is able to cross-reference real time insights from over 350 million live user profiles with inventory supply and bidding opportunities. Deloitte’s Experience Services platform will employ Magnetic’s technology to provide its digital clients with informed, engaging, and effective cross-channel customer experience campaigns.
Magnetic’s CEO Corey Ferengul is enthusiastic about what Magnetic’s consumer targeting capabilities bring to Deloitte. He recently stated that, together, the two companies “will help take customer engagement for marketers to a whole new level,” and that their combined commitment is “helping brands of all sizes engage more effectively with their consumers and create positive, profitable, long-lasting customer relationships.”
Deloitte Digital’s advertising, marketing and commerce practice leader, Scott Mager has shared a bit of the logic behind the Magnetic acquisition, stating “People’s expectations for how brands should interact with them are higher than ever. They expect companies to provide interactions that are both personalized and have real-time relevancy in every channel.” Magnetic’s platform allows Deloitte Digital to solve that problem of multi-channel, cross-screen, relevancy for brands. The upside of the partnership was well-stated by Deloitte Digital’s Experience Services offering leader, Angel Hollis Vaccaro, “[with] Magnetic’s AI/ML capabilities alongside Deloitte’s software alliances, [you] have real-time decisioning that can deliver the right content, to the right person, at the right time—across any channel.”
Magnetic is an artificial intelligence company that uses machine learning to deliver smarter, faster and, more effective advertising. Our powerful AI platform continuously analyzes the attributes of 350 million live user profiles alongside real-time inventory supply and bid opportunities to deliver highly performant and profitable campaigns for our clients. Magnetic offers products and solutions to meet the needs of any media buyer, from fully managed service solutions to our completely automated and transparent self-serve media platform, Magnetic Force.
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including more than 85 percent of the Fortune 500 and more than thousands of private and middle market companies. Our people work across more than 20 industry sectors to make an impact that matters — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthy society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them.
About Progress Partners
Progress Partners is a Boston and New York-based M&A advisory firm working with emerging technology companies within media, marketing, advertising sectors, serving SMB through Enterprise. Progress Partners works with buyers and sellers of high growth companies to complete M&A transactions, raise debt or equity capital, as well as, develop and implement strategic growth plans. The firm’s high standards of excellence, deep industry experience, extensive network, and entrepreneurial background give Progress Partners the ability to build and realize superior value for its clients. Securities offered by Applied Capital, LLC, member of FINRA and SIPC. For more information, please visit www.progresspartners.com.
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CONTACT: Progress Partners
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SOURCE: Progress Partners
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PUB: 10/03/2018 08:00 AM/DISC: 10/03/2018 08:01 AM