Monetate, previously one of Philadelphia’s flagship emarketing companies, will be acquired by Dallas-based cloud commerce company, Kibo, the companies announced.
The 11-year-old Monetate was founded in Philadelphia, but in 2017 moved its headquarters from its Conshohocken office to New York City, citing a need to be closer to clients based there. The move meant that about 15% of its workforce was laid off, but no official counts were released.
In the two years since, Monetate has gotten a new CEO, and its Conshy office has settled at about 130 employees.
Kibo’s software and services include ecommerce, order management, personalization, and mobile point-of-service for retailers, manufacturers and brands. Kibo, previously considered a competitor, said in a statement that acquiring Monetate will help its commerce cloud offerings and that its retailers and brands will be “better equipped to curate, test, and optimize customer experiences intelligently and consistently wherever they occur — online, in-store, through mobile apps, via AI assistants, and more.”
Neither company shared financial details of the deal.
“The opportunity to become part of a larger commerce platform with complementary products is exciting for both our clients and employees,” said Monetate CEO Stephen Collins.
Kibo CEO David Post cited Monetate’s personalization ability as a key factor in outpacing competitors.
“With Monetate, we recognized the opportunity to acquire a market leader in discovery, segmentation, testing, measurement, and optimization,” he said.
A spokesperson for Monetate did not immediately respond to questions about the state of the company’s Conshohocken office or possible shifts in company culture.