January 30, 2018

Xconomy

Evergage Scoops Up MyBuys to Make Shopping More Personal

Evergage has acquired MyBuys in a deal that underscores the increasing importance of personalization in marketing products to consumers.

Somerville, MA-based Evergage declined to share the price it paid to purchase the MyBuys merchandising products business from New York-based Magnetic, an advertising technology firm that merged with MyBuys in 2015. An undisclosed number of MyBuys employees will join Evergage. Some are based in California, but most of them will work from a new Evergage office in Ann Arbor, MI, where MyBuys had an office, a spokesman said in an e-mail to Xconomy.

Founded in 2001, MyBuys was one of the early companies to help retailers use online and in-person shopping data to make personalized product recommendations to consumers—the idea being that the strategy increases the odds that a person will make a purchase. Hundreds of e-commerce companies now use MyBuys technology to serve up targeted offers to shoppers on their websites and in marketing e-mails, according to a press release.

Meanwhile, Evergage created a cloud-based marketing software platform that uses machine learning and other technologies to track consumer behavior and data, in order to promote relevant products and content, and to serve up personalized recommendations in real-time. Evergage’s customers span sectors such as retail, financial services, technology, hospitality, and media and entertainment; they include Intuit, Publishers Clearing House, and Lenovo. Evergage was founded in 2010 and has raised at least $31.5 million in venture capital.

By Jeff Engel, Senior Editor, Xconomy