Gurugram-based SyncMedia on Monday announced that it has acquired Adorithm, a media-tech startup, for $1 million. As part of the acquisition, SyncMedia would absorb the team, product, and intellectual property (IP)/intellectual rights (IR) of the startup.
Started by former Nimbuzz executives Vikas Saxena and Anubhav Sharma in 2017, SyncMedia is a full-stack tech platform that enables marketers and media owners to plan, execute, and measure brand’s marketing investment against the metrics and core business KPIs.
The startup boasts media veteran Sandeep Goyal, Chairman, Mogae Media, as a key investor in SyncMedia. It claims to have served more than 100 brands, including HUL, Vivo, Apple, H&M, Philips, Pizza Hut, Maruti, Ford, Pepsi, Lufthansa, Ultratech, Samsung, Mankind, and 3M.
With this acquisition, SyncMedia will derive enhanced capabilities to make its product offerings more data-driven, and provide better value to its customers using artificial intelligence (AI) and machine learning (ML) algorithms.
Anubhav Sharma, Founder and CEO, SyncMedia, said,
"With this acquisition, we will be able to cater to our customers with deep insights backed by enhanced AI/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 percent growth in revenues with our increased focus on digital-first companies.”
Founded in 2019 by Prakhar Gupta, Amit Duggal, and Shashank Pathak, Adorithm helps brand marketers, agencies, and startups in driving better performance of their media spend using AI/ML-led algorithm.
On the acquisition, Prakhar Gupta, Co-founder, Adorithm, said,
“Several companies across industries are investing a sizeable amount of money in marketing and still rely on traditional methods to evaluate performance. This makes it difficult for them to calculate return on investment (RoI). 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.”
(Edited by Suman Singh)
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Link : https://yourstory.com/2020/06/syncmedia-acquires-mediatech-startup-adorithm
Author :- Rashi Varshney ( )
June 15, 2020 at 02:59PM
YourStory