UK-founded e-commerce conversion company Ve has acquired digital advertising company GDM Digital in a $12 million transaction.
The acquisition marks a major development in Ve’s expansion into digital advertising and the deal increases Ve’s client-base to more than 6,000 online businesses.
GDM currently works with companies including Microsoft, Coral, Lufthansa, IBM, Virgin Active and Audi. All 42 staff at GDM will be retained, bringing Ve’s total staff numbers to over 500, working in 18 offices worldwide.
GDM, which specialises in performance trading and real-time biddable media, will now offer clients the VePlatform to acquire, engage and convert customers at every stage of the e-commerce journey, in addition to a complete digital advertising service.
David J. Brown, CEO and co-founder of Ve, said: ‘What sets GDM apart from other ad tech companies is the incredible skill set and expertise of its staff. With all 42 of GDM’s talented staff on board, Ve will be able to expand its digital marketing offering rapidly.
‘Digital advertising is becoming a big part of our business because of the natural affinity it shares with our other online conversion apps. Ve is growing very quickly in emerging markets, particularly in Asia, where there is also a huge demand for ad tech services.’
Ed Stevens, CEO and co-founder of GDM Digital added: ‘We’re very excited to join Ve. GDM Digital has established itself as an innovative and fast growth digital advertising company and Ve is a multi award-winning UK tech success story, therefore agreeing to become part of its journey made perfect sense.
‘Together we’ll be able to offer online businesses a more comprehensive digital advertising service and be a leading player in the global ecommerce and ad tech industries.’
Ed Stevens will join Ve as commercial director. Staff from GDM’s London office will move to Ve’s offices in Farringdon and the company will continue to trade as GDM Digital for the short term. In the mid term, GDM will be absorbed into the VeAds offering. The deal also covers GDM’s office in Germany.
The acquisition of GDM follows the launch of Ve’s Japanese office, the sixth in Asia-Pac following Shanghai, Singapore, Vietnam, Hong Kong and Melbourne.