Ve acquires GDM Digital in $12 deal
UK-founded e-commerce conversion company Ve has acquired digital ad company GDM Digital in a $12 million deal, increasing Ve’s client-base to more than 6,000 online businesses.
GDM, which specialises in performance trading and real-time biddable media, will now offer clients the Ve platform to acquire, engage and convert customers, in addition to a complete digital advertising service.
GDM currently works with companies including Microsoft, Nissan, 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.
David J. Brown, chief executive officer 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 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.”
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Ed Stevens, chief executive officer and co-founder of GDM Digital, said: “Together we’ll be able to offer online businesses a more comprehensive digital advertising service.”
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 in the short term, before being blended into the VeAds offering in the mid-term. The deal also covers GDM’s office in Germany.
The acquisition of GDM follows the recent launch of Ve’s Japanese office, the sixth in Asia-Pac following Shanghai, Singapore, Vietnam, Hong Kong and Melbourne.