Exclusive: First Insight acquires digital marketing platform SnapRetail
First Insight, a marketing tech company, acquired digital marketing company SnapRetail, CEO Greg Petro tells Axios exclusively.
Driving the news: The deal marks the first in a series of planned acquisitions around developing First Insight's "concept-to-conversion" marketing platform.
Details: First Insight is profitable, according to Petro, who declined to comment on deal terms for SnapRetail.
Zoom in: First Insight folding in SnapRetail's capabilities will help retailers and brands engage in real-time with customers to better increase in-store traffic and online sales.
- "You don't get too many chances to engage consumers before they decide maybe you're not as relevant as you would like," Petro says.
Zoom out: Despite the pullback in discretionary and ad spending last year, Petro believes there will be more growth opportunities this year.
- There's more certainty around the economy, which should buoy consumer spending , and bring more dollars back into the ad market, Petro says.
Of note: First Insight's investors include Escalate Capital Partners, Hercules Capital, Updata Capital, Adams Capital Management and Idea Foundry, per PitchBook. Adams Capital was also an investor in SnapRetail.
What's next: Regarding its future M&A strategy, First Insight plans to invest in enabling revenue optimization, pricing capabilities and AI capabilities.
- It also is working on enhancing companies' capabilities around packaging, testing and incorporating sustainability.
- He also sees opportunity to expand across more geographies.