Irish online adware company StitcherAds was acquired in a $ 64 million (€ 55 million) deal.
The buyer is US advertising technology company Kargo, which aims to exceed $ 100 million in revenue this year.
The deal was first reported by the Wall Street Journal on Monday.
StitcherAds, which earlier this year announced plans to create 40 jobs, is a marketing platform that helps advertisers run paid ads that drive sales through Facebook, Instagram, Pinterest, and Snapchat, while providing useful analytics . His clients include Wayfair, Calvin Klein and Bed Bath and Beyond.
Founded in 2009 in Waterford by Declan Kennedy, Conor Ryan and Peter Elger, StitcherAds has experienced significant growth during the pandemic. The company derives 80 percent of its sales from North America and employs approximately 120 people.
Losses
The company recorded a loss of € 622,431 in 2019 and had a net liability of € 6.9 million at the end of the year, according to its latest filed accounts.
StitcherAds previously raised 1.5 million euros in risky debt from Columbia Lake Partners, a UK fund, and also raised around 4.5 million euros in venture capital from financial backers including Delta Partners at Dublin.
Mr. Kennedy, Managing Director of StitcherAds, will become Managing Director of Kargo Commerce, a new division. The StitcherAds brand will continue to exist under the new division, the Wall Street Journal reported.
Kargo chief executive Harry Kargman told the newspaper he was considering a possible public listing in the coming years.
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