The merger has been in the works for the past six months. MyBuys has raised close to $50 million, while Magnetic has raised $15 million.
“We think companies will need to have scale to be successful,” Green said. “We’re starting to get that scale with $100 million in revenue, but that’s on the small side. We’ve got to grow aggressively to continue to be relevant.”
That means creating a product that will take on the behemoths of the ad tech/marketing tech landscape, companies like Oracle, Salesforce and Adobe.
“We are absolutely trying to create that,” Green said. “I would say we have the beginnings of a platform.”
Green isn’t revealing what products it will build using the two companies’ combined data and scale yet, but that’s where a big chunk of the $25 million it’s raising will go.
MyBuys CEO Rita Brogley will stay on for six months day-to-day, and is a member of the board for the new company.
MyBuys has 120 employees, and Magnetic has 160. Three will be laid off due to redundancies, Green said.
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