Beeswax has acquired London-based MediaGamma. As part of the deal, MediaGamma's head of data science, Shuai Yuan, PhD, will join Beeswax as Director of Data Science, based in London, and will spearhead the company's expanding investment in machine learning.
Nozzle.ai (originally incubated by MediaGamma), an advanced machine learning platform that helps brands and agencies optimize their sales and advertising performance on Amazon, will remain an independent company led by executive chairman Victor Malachard and CEO Rael Cline. Nozzle.ai will use funds from the asset sale to accelerate the development and adoption of its platform as well as expand its international footprint.
“We’re thrilled to bring in a leading ad tech-focused AI and ML team to accelerate the development of our BaaS platform, strengthen our optimization solutions, and build tools to empower our sophisticated customers,” said Beeswax CEO, Ari Paparo.
“This asset sale enables us to focus exclusively on Nozzle in a sector that is growing at a phenomenal pace. We now have the right team, technology and IP to execute our plans, and we are very excited about our continued growth prospects as marketing budgets continue to shift towards eCommerce and online marketplaces such as Amazon,” said Nozzle executive chairman Victor Malachard.
The acquisition closed last week and resulted in three of MediaGamma's data science team members joining Beeswax’s London office.