Marketing management platform Allocadia to be acquired by Germany- and Atlanta-based BrandMaker
Founded by twin sisters Kristine Steuart and Katherine Berry, Allocadia had raised $30 million in venture funding to date.
Allocadia, a Vancouver tech company that specializes in marketing planning, budget and performance management, has agreed to be acquired by Atlanta-based BrandMaker, which provides similar services. The transaction is expected to be completed within the month and the terms of the transaction were not disclosed.
Why: “With BrandMaker, we knew we had found the right partner to capitalize on the tremendous market momentum and opportunity to transform the way CMOs and marketing teams work,” said Allocadia CEO and co-founder Kristine Steuart. “We look forward to delivering even more value to customers, providing new and exciting career-defining experiences for our team and continuing to accelerate growth through innovation in the domain of marketing operations management.”
History: Allocadia was founded when Kristine Steuart and her twin sister Katherine Berry were operating their first venture, a marketing services company. They noticed their customers struggling with a familiar marketing pain: managing multi-million dollar budgets across multiple spreadsheets dispersed throughout the organization. Their customers couldn’t answer basic questions around marketing spend or forecast or communicate ROI. Steuart and Berry created Allocadia to solve those problems.
Financial backers: Following the launch of its cloud offering in 2010, Allocadia raised a $1 million seed round in January 2013 led by Beehive Holdings and iNovia Capital, as well as Patrick Lor, Rasool Rayani and Geordie Henderson, David Arnsdorf, Norm Francis, and Don Mattrick. A year later, Allocadia announced its $7 million Series A round co-led by Altos Ventures and iNovia Capital. A year after that, the company raised $22 million in Series B financing led by Susquehanna Growth Equity (SGE), with participation from earlier investors iNovia Capital, Altos Ventures, Nanon de Gaspé Beaubien-Mattrick of Beehive Holdings, Illuminate Ventures, Mattrick, and Francis of Boardwalk Ventures.
The company has raised a total of $30 million in funding to date.
“We are incredibly excited to bring BrandMaker and Allocadia together to create the global category leader in Marketing Operations,” said BrandMaker CEO Mirko Holzer, in a statement. “Together, we broaden our scope to offer B2B and B2C customers the solutions to run marketing with more agility while measuring and optimizing performance and improving their return on investment. The addition of Allocadia’s exceptional team and innovative budget, planning, and performance management solution will bring a strong complement to BrandMaker, expanding our combined portfolio as well as our ability to support our global customer base.”
The combined organization will have just over 300 employees across seven countries in North America and EMEA with a combined 300,000+ global users.