The $250m acquisition was funded with a strategic investment from equity investor Summit Partners.
Boston-based influencer and social media marketing services provider Later has acquired Mavely, a platform that provides its influencer user base with tools to optimise content monetisation on social media.
The $250m acquisition of Mavely from Rhyz Inc will “accelerate” Later’s abilities to deliver measurable ROI for marketers while enabling content creators using the service provider to “maximise” their earning through social commerce, said Later. The company was founded in 2014 as Latergramme as one of the first social media scheduling tech firms before being acquired in 2022 by influencer marketing platform Mavrck, which changed its own name to Later last year.
Moreover, according to the company’s announcement today (3 January), social media content from Mavely’s network of more than 120,000 creators has led to the creation of more than $1bn in gross merchandising volume across more than 1,400 brands including Nike, Lululemon and Adidas – and Later intends to leverage this first-party performance data using its predictive AI analytics.
“Bringing Mavely under the Later umbrella is a major step in redefining how marketers and creators work together,” said Scott Sutton, the CEO of Later.
“Mavely brings incredible technology, expertise, and a shared vision. By combining our strengths, we are enhancing the value we provide to marketers and empowering creators to build sustainable, income-generating businesses.
“This move enables us to deliver a seamless, full-funnel experience for marketers – offering return-on-ad-spend based campaigns and driving predictable, attributable outcomes. Through this acquisition, we’re able to create new and better opportunities for our clients, employees, and the entire creator ecosystem.”
Mavely’s CEO Evan Wray, CTO Sean O’Brien and CFO Kevin Kenefick are set to join Later’s leadership team, the announcement read.
“We’ve always believed in the power of creators to drive authentic engagement and real business outcomes, at scale,” Wray said.
“Joining forces with Later allows us to take this to the next level, creating a more comprehensive platform that delivers value to both creators and marketers. Together, we’re building a future where creators are at the centre of the marketing ecosystem, and brands have the tools they need to connect with their audiences in impactful and measurable ways.”
The multimillion-dollar deal was funded with a strategic investment from global growth equity investor, Summit Partners – which was also behind the $56m investment into Dublin-based edtech LearnUpon in 2020.
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