Microsoft has announced today that it will be acquiring PromoteIQ in a bid to empower its retail and manufacturing clients with innovative solutions. The acquired company is a provider of vendor marketing tech to online retailers and brands.
PromoteIQ will be allowed to maintain its brand, and will continue its relationship with current clients - now with the added support of Microsoft's resources. It will also be looking to leverage the tech giant's prowess in the fields of artificial intelligence (AI) and machine learning (ML) to deliver next-gen vendor marketing capabilities. Alex Sherman and Peter Schwartz, co-founders of the firm, expressed their hope in the acquisition leading to accelerated growth for PromoteIQ, as well as expanded across the world for Microsoft.
The vendor marketing tech provider will become part of the Microsoft Advertising platform - previously recognized as Bing Ads. The Redmond giant plans to help retailers modernize their e-commerce platform as part of this move. In addition, its retail and manufacturing clients will also be benefiting in the form of in-store commerce businesses growth and increased monetization opportunities.
Rik van der Kooi, CVP of Microsoft Advertising, noted that this move would help empower global retailers and brands, while also simultaneously allowing Microsoft and PromoteIQ to reap more benefits as part of the advertising industry.