Condé Nast said today that it will acquire CitizenNet, a social data and marketing platform.
Inertia Advisors, which is a division of Kema Partners LLC, served as exclusive financial adviser to CitizenNet on the deal. Terms of the acquisition were not disclosed.
The deal is meant to deepen Condé’s data-science talent and expertise, in order to enrich Condé Nast Spire, the data group it formed last year. The acquisition helps the publisher broaden its audience-targeting and data capabilities beyond its own properties to social platforms, such as Facebook.
Translation: The company’s advertising and marketing partners will, in theory, be better able to reach their desired audiences, at scale, across all platforms.
“With continued investment in both our internal talent and brands, and our acquisitions of Pitchfork and Backchannel, Condé Nast has driven record audience and digital revenue growth,” said Fred Santarpia, chief digital officer of Condé Nast. “Our relentless commitment to investing in quality expands beyond editorial to engineering and data, and is also represented by our recent acquisition of Poetica, and now, CitizenNet. This is just the beginning of our investment phase, and we will continue to identify, acquire and cultivate brands and companies that match our commitment to excellence as we respond to the rapid changes in the media and technology sector.”
Karthic Bala, head of data strategy for the New York-based publisher offered: “The enhanced Condé Nast data platform will be a one-stop solution to close the loop on performance, and measure the effectiveness of campaigns across multiple channels and platforms.”
Based in Los Angeles, CitizenNet has a team of 42 employees led by chief executive officer Dan Benyamin, an entrepreneur who has been building data platforms for more than 15 years. According to Condé, the CitizenNet team will remain based in L.A. and continue to service its current clients.
“We’ve only begun to scratch the surface of what Machine Learning and AI can do, and it’s exciting to think about the possibilities of being a part of a global media company like Condé Nast,” said Benyamin.