Toronto-based Cluep acquired by Impact Group for $53 million CAD

cluep

Toronto-based Cluep has been acquired by sales and marketing agency Impact Group.

TechCrunch reports that the company was acquired for $53 million CAD. Founded in 2012, Cluep is a mobile ad platform that targets people based on what they are sharing, how they are feeling, and where they have been. The company said it currently works with over 700 CPG companies using text analysis, facial recognition, and vision recognition to identify customer interest and connect brands with customers.

Cluep will continue operating as a separate division under the Cluep brand.

“Using artificial intelligence to help brands connect and engage with people represents the next big chapter at Impact Group – and the Cluep team is honored to be part of it,” said Karan Walia, co-founder of Cluep. “We have exciting plans and new AI innovations on the roadmap, so it’s time to get to work.”

Cluep will continue operating as a separate division under the Cluep brand and will be part of Impact Group’s sales and marketing.

“Today’s consumer is highly engaged in the digital world, and we’re seeing them embrace brands through digital interactions at an unprecedented rate,” said Carl Pennington, president and CEO of Impact Group. “Our acquisition of Cluep is not only a strategic part of our growth: it’s crucial to providing our CPG clients with access to proven digital resources that can propel their brands forward in a way that bolsters their retail presence and helps them win with today’s shoppers. We look forward to improving reach and elevating results for our CPG clients and retail customers through the acquisition of Cluep.”

Jessica Galang

Jessica Galang

Jessica Galang is BetaKit's News Editor. Follow her on Twitter @jessicagalangg or send her pitches to jessica.galang@betakit.com.