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Looking to bring aboard FetchBack's ad retargeting solutions
GSI Commerce announced on Tuesday morning it has acquired Fetchback, a provider of retargeting solutions. The amount of the acquisition was not disclosed but sources across the Web are reporting it was in in the $40 million range.
Arizona-based Fetchback raised a total of $1 million in Series A funding, back in 2008 from Metamorphic Ventures and Angel Investors Geoff Judge and Erik Matlick. Since then, the company said it has provided its solutions for more than 500 advertisers. Some of its clients include True Religion, Pingg, Abacacus 24-7, Grand Canyon University and Aqua Superstore. The company said its success is due to its 95 percent monthly retention rate.
In case you're not understanding what Fetchback does exactly, the company delivers targeted messages to online visitors after they leave the site. So for example, this could mean a user showing interest in signup for a newsletter, filling out a contact form or buying a laptop etc. If that person abandons that action, Fetchback makes it possible to show those users ads based on what they abandoned, across other sites on the Web. The targeted ad appears as a normal display ad and not an annoying pop-up.
As for the acquisition from GSI, Fetchback will operate as a wholly owned subsidiary of GSI's Global Marketing Services. Chad Little, founder and CEO of Fetchback will continue to lead Fetchback's operations.
Chris Saridakis, CEO of GSI's Marketing Services division commented in a prepared statement, "We believe FetchBack can deliver dramatic, measurable results for our clients looking to reconnect with customers through targeted and relevant messages that drive conversions effortlessly. Their technology is well aligned with our strategy to expand GSI's marketing services capabilities. We look forward to making retargeting an integral, highly effective component of our clients' marketing programs."
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