NEWS14 September 2018

Deloitte buys Magnetic’s AI platform

M&A News North America

US – Professional services firm Deloitte has acquired marketing tech company Magnetic Media Online’s artificial intelligence (AI) platform business for an undisclosed amount.

The purchase signals the strategic importance of enhanced investments in AI, machine learning (ML) and audience data analytics and will help make Deloitte Digital’s Experience Services platform smarter and faster.

The company said the deal also signals its continued focus on delivering clients better data management capabilities, AI and machine learning-driven insights.

Angel Hollis Vaccaro, principal, Deloitte Consulting LLP and Deloitte Digital’s Experience Services offering leader said: "To enable an end-to-end experience, our clients need to collect, analyse, and integrate their audience and customer interaction data across the enterprise. By combining Magnetic’s audience data capabilities with Deloitte Digital’s customer data experience, we can help our clients do just this inside their own environment, designed to give them full control and transparency."

Corey Ferengul, executive chairman and CEO, Magnetic, added: "We are excited to have Magnetic’s product and engineering team join forces with Deloitte, and we know our unique machine learning expertise will help take customer engagement for marketers to a whole new level."

Founded in 2008, Magnetic is a privately-owned adtech and targeting business driven by AI technology. Magnetic’s product and engineering employees will join Deloitte Digital’s Experience Services group based across a variety of offices.