Waterford software company StitcherAds acquired for €55m

Irish online advertising software company StitcherAds has been acquired in a $64 million (€55million) deal.

The buyer is US adtech company Kargo, which is looking to exceed $100 million in revenues 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 publish paid ads that drive sales via Facebook, Instagram, Pinterest and Snapchat, while also providing useful analytics. Its customers include Wayfair, Calvin Klein, and Bed Bath and Beyond.

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Founded in 2009 in Waterford by Declan Kennedy, Conor Ryan and Peter Elger, StitcherAds has seen significant growth during the pandemic. The company derives 80 per cent of its revenues in North America and employs around 120 people.

Losses

The company recorded a loss of €622,431 in 2019 and had net liabilities of €6.9 million at the year end, according to its latest filed accounts.

StitcherAds previously raised €1.5 million in venture debt from Columbia Lake Partners, a British fund, and has also secured about €4.5 million in venture capital from backers that include Delta Partners in Dublin.

Mr Kennedy, chief executive at StitcherAds, is to become general manager at 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 paper that it is eyeing a potential public listing in the coming years.