Brickstream acquires fellow in-store analytics company NOMi
Atlanta-based in-store analytics company Brickstream announced on Wednesday its acquisition of NOMi, a New York-based company with a similar product, for an undisclosed amount.
Crain's New York Business describes the acquisition as "part of a shift in retail toward what is being called 'omni-channel.' Combining retailer websites with in-store displays and social media to provide both optimized shopping experiences and cull customer-behavior data, omni-channel is a major movement in the industry."
The merger has certainly diversified Brickstream's portfolio. The company now offers location tracking, beacons and in-store video cameras, among other products, to provide retail clients with the most detailed consumer analytics possible—all thanks to its acquisition of NOMi.
According to Brickstream's official press release, the company post-merger now "dominates the market" with its worldwide presence, affiliates and increased portfolio of application and device offerings. Tech enterprise consultant and author Geoffrey Moore called the acquisition "a game changer," and Brickstream's CEO, Steve Jeffery, boasted the company's expansive ability to increase adoption of analytics technology among retailers, due in part to NOMi's software contributions to Brickstream's portfolio.
Marc Ferrentino, CEO of NOMi, expressed optimism for the future of Brickstream, citing its business partnerships—which span 65 countries—as a key factor in growing the recently-merged company's client base, which has already grown by 27 customers since the acquisition took place.
This acquisition calls attention to a common reason one tech company chooses to acquire another—the opportunity to expand product offerings and reach a larger client base is an advisable move for a company that wants to continue growing. If you're a business owner interested in making a technology acquisition or selling your startup, contact an M&A advisor to discuss the possibilities.