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Photo: Brian Tucker/Industry Dive

Industry Dive, a business journalism company, is acquiring the marketing arm of NewsCred, a global technology company, executives tell Axios.

Why it matters: Industry Dive is a niche B2B media company, but it's long been profitable, and it's pretty sizable.

Catch up quick: The deal includes all of the studio's assets, including its 100+ client roster and 40 employees from NewsCred's Content Marketing studio.

  • The acquisition adds 40 new people to the company's 175 current employees and it expands its presence from D.C. to New York, London and Dhaka, Bangladesh.

Details: The acquisition will help Industry Dive sell custom ads to its audience of more than 11 million business decision-makers across 20 niche industries, which includes topics like banking, bio, pharmaceuticals, construction, education, grocery, marketing, retail, smart cities, transport, waste and others.

  • Industry Dive's growth strategy has always been to take business topics that already have sizable audiences and advertising potential and launch a digital, ad-supported newsletter and other products around each.
  • It determines which verticals to invest in through several criteria, like whether a particular field has high turnover, heavy government regulation or if there's high capital spend within the industry, particularly on technology.
  • "We think each vertical can be worth $10 million–$20 million just in digital newsletter ad spend," says Industry Dive co-founder and CEO Sean Griffey.
  • Retail is the company's largest vertical, and waste is growing fast.

The big picture: Last year, Industry Dive sold a majority stake to Charlotte, North Carolina-based private equity firm Falfurrias Capital Partners, seven years after its founding in Washington, D.C.

  • At the time, its revenue was roughly $30 million, according to sources.
  • Today, Griffey says revenue is up significantly and that the business is highly profitable.
  • "Q2 was our best quarter in company history from both a revenue and profit standpoint," says Griffey.

Go deeper

Oct 30, 2020 - Politics & Policy

Technical glitch in Facebook's ad tools creates political firestorm

Facebook CEO Mark Zuckerberg. Photo: SOPA Images / Contributor

Facebook said late Thursday that a mix of "technical problems" and confusion among advertisers around its new political ad ban rules caused issues affecting ad campaigns of both parties.

Why it matters: A report out Thursday morning suggested the ad tools were causing campaign ads, even those that adhered to Facebook's new rules, to be paused. Very quickly, political campaigners began asserting the tech giant was enforcing policies in a way that was biased against their campaigns.

Ina Fried, author of Login
Oct 30, 2020 - Economy & Business

The pandemic isn't slowing tech

Illustration: Eniola Odetunde/Axios

Thursday's deluge of Big Tech earnings reports showed one thing pretty clearly: COVID-19 may be bad in all sorts of ways, but it's not slowing down the largest tech companies. If anything, it's helping some companies, like Amazon and Apple.

Yes, but: With the pandemic once again worsening in the U.S. and Europe, it's not clear how long the tech industry's winning streak can last.

Dan Primack, author of Pro Rata
46 mins ago - Politics & Policy

Biden starts negotiating to raise capital gains tax rate

Illustration: Aïda Amer/Axios

President Biden wants to nearly double the capital gains tax paid by wealthy Americans, as first reported yesterday by Bloomberg and confirmed by Axios.

Counterintuitive: Biden's plan is better for private fund managers (hedge, PE, VC, etc.) than what he proposed during the campaign.