Kargo Acquires StitcherAds for $64 Million, Increasing Kargo’s Media Spend to a Combined $550 Million
The Acquisition Broadens Kargo’s Suite of Products for Retailers and CPG Customers; Expanding Across the Open Web, Facebook, Instagram, Pinterest, TikTok and Snapchat
NEW YORK, Oct. 18, 2021 (GLOBE NEWSWIRE) — Kargo, the leader in digital high impact advertising, today announced the acquisition of the commerce-driven paid social advertising powerhouse StitcherAds. StitcherAds’ paid social commerce platform expands Kargo’s robust integrated omnichannel product suite, providing a comprehensive set of solutions for advertisers looking to execute digital campaigns across multiple screens to drive Return on Ad Spend (ROAS). With the addition of StitcherAds, Kargo is able to bring performance-marketing to retailers across multiple platforms, effectively “collapsing the traditional customer journey” and reducing the complexity in a brand’s marketing strategy.
StitcherAds is a commerce-centric marketing platform that drives online and offline sales for retailers and brands within the walled gardens. The technology uses real-time product feeds and consumer data to generate personalized, dynamic product ads, including a digital circular experience. Its product discovery ads are delivered across Facebook, Instagram, Snap, TikTok, and Pinterest.
With the acquisition of StitcherAds, Kargo will have $550 million in total media spend under management, coming from major retail advertisers including Macy’s, Saks Fifth Avenue, Bed Bath & Beyond, Finish Line, JOANN Fabrics & Crafts, and Calvin Klein. Kargo also expands its physical footprint substantially, growing from 220 to 350 employees across 13 offices worldwide while maintaining StitcherAds’ headquarters in Ireland.
“I’m excited to welcome StitcherAds into the Kargo family at such an exciting time in our history. The StitcherAds platform offers powerful advertising capabilities for our retail and CPG clients. We can now provide a true multi-platform product portfolio that expands our footprint into paid social,” said Harry Kargman, Kargo Founder and CEO. “This acquisition is another step towards our strategy to offer a full suite of solutions for our clients.”
“StitcherAds and Kargo are a fantastic match, bringing together Kargo’s premium advertising marketplace with our commerce-driven approach to social media marketing,” said Declan Kennedy, Chief Executive at StitcherAds. “We’re thrilled with the new opportunities to offer full-funnel solutions that this acquisition affords us, and the depth of omnichannel capabilities we’ll bring to the market.”
About Kargo
Kargo is a mobile-first, editorial-led global marketplace of unique multi-channel advertising and commerce opportunities for brands. Our advertising partners fill the ranks of the Fortune 500 and our invitation-only editorial marketplace sets the standard for quality and reach, including 100% of all U.S. smartphone users. With a focus on innovation, our creative team designs exclusive new ad formats that drive breakthrough performance and win industry awards. Kargo is 250 diverse employees strong with offices in NYC, Chicago, Dallas, Los Angeles, San Francisco, Auckland, Sydney, and Singapore.
About StitcherAds
Founded in 2009, StitcherAds helps advertisers and agencies scale full-funnel performance marketing campaigns on Facebook, Instagram, Pinterest, Snapchat and TikTok. Since conception, StitcherAds has empowered some of the world’s largest eCommerce and retail businesses worldwide, using data-driven automation to increase the revenue impact of their ad spend. The company works on a hybrid service model, onboarding clients from fully managed service to self-serve to ensure long-term success with their software. StitcherAds is a leader in both speed and achievement in direct response innovation on social media publishers. For more information about StitcherAds, please go to www.stitcherads.com.
Contact:
Emily Riley
Riley Strategic LLC
emily@rileystrategic.com
914-330-1128
