SyncMedia, an AI-based media-tech firm has acquired Adorithm, another company in the same vertical. As part of the merger, SyncMedia will take over team, product and intellectual property of Adorithm for $1 million.
The Gurugram-headquartered firm serves the likes of enterprises such as HUL, Vivo, Apple, H&M, Philips, Pizza Hut, Maruti, Ford, Pepsi, Lufthansa, Ultratech, Samsung among others as its clients. Advertising industry veteran Sandeep Goyal’s Mogae Media is one of the investors in the firm. SyncMedia uses artificial intelligence and machine learning to help advertisers understand viewership pattern and measure the performance of their TV and digital campaigns.
Anubhav Sharma, Founder and CEO, SyncMedia said in a statement, “With this acquisition, we will be able to cater to our customers with deep insights backed by enhanced artificial intelligence and machine learning expertise. Our solution provides the sophisticated cause-and-effect analytics revealing the optimisation opportunities for brands, media agencies and broadcasters. We are aiming around 100% growth in revenues with our increased focus on digital-first companies.”
Online ads have seen growing popularity as the world started becoming more digital. During the lockdown, consumption of content has increased massively as people have no other choice but to stay home. Ad budgets are expected to follow this trend and make strategic investments. As the ad budgets are also predicted to drop due to the ongoing economic crisis, advertisers want to be more focused on their investments and therefore monitor the performance all their campaigns.
Prakhar Gupta, Co-founder, Adorithm, said, “Several companies across industries are investing sizeable amount of money in marketing and still rely on traditional methods to evaluate performance. This makes it difficult for them to calculate return on investment (ROI). Within a short span of time, SyncMedia has already made a big mark by introducing the new way of advertising and now with added capabilities, we are confident that the marketers would follow such models of evaluating results.”
Founded by Prakhar Gupta, Amit Duggal and Shashank Pathak, Adorithm like SyncMedia uses AI and ML algorithms to help advertisers, ad agencies and start-ups to drive better performance of their media budget.