LONDON — Customer analytics firm Dunnhumby, a subsidiary of global retailer Tesco, said Monday it has agreed to acquire social-media marketing firm BzzAgent, based in Boston.
Terms were not disclosed, but a report in the Boston Herald said the price was $60 million, provided BzzAgent meets certain performance goals over a five-year period. Dave Balter, founder and chief executive officer, BzzAgent, will continue in that role and will report directly to Simon Hay, CEO of Dunnhumby.
"We try to understand how customers shop, and how media shapes shopping behavior — and online and mobile are increasingly prevalent in the continuum," Hay told SN in a phone interview Monday.
BzzAgent seek to promote products and services through online media platforms such as Facebook, Twitter and blogs by leveraging a network of consumers for word-of-mouth marketing. "They have a focus on building advocacy, and we have a focus on building loyalty," Hay explained.
He said the company hoped to leverage the new marketing tools through its joint ventures, which include partnerships with Cincinnati-based Kroger Co. in the U.S. and Montreal-based Metro in Canada.
