Maven (MVEN) , the parent company of TheStreet.com, said Thursday it completed the acquisition of Petametrics, Inc., DBA LiftIgniter, marking the fourth technology platform closing for Maven in less than two years.
“Our team’s mission remains unchanged since the early days of digital media, which is to empower great journalism with great technology, material distribution, and monetization,” Maven founder James Heckman said in a statement. “LiftIgniter enables and enhances all three of these focus areas. Its powerful personalization technology, together with Maven’s leading-edge technology stack, creates a product offering for publishers unmatched in the industry.”
LiftIgniter uses machine learning algorithms to determine in-the-moment user interest and intent to produce a personalized online experience, Maven said. It provides on-site and in-app content recommendations across hundreds of digital properties, including data from more than 100 million users, in addition to Maven’s 100 million+ users and 300 media brands.
LiftIgniter’s algorithmic approach to distribution amplification was developed by its founder Indraneel Mukherjee, a computer science Ph.D. and contributor to YouTube’s recommendation engine. This platform is now available to Maven’s premium publishers.
Founded in 2014, LiftIgniter built a name for itself by providing accessible and affordable high-level machine learning for companies of all sizes.
"We are thrilled to join the Maven team and see our technology utilized across such a massive and respected platform,” LiftIgniter CEO Jon Shalowitz said. “Maven tested our technology as a customer, and having them step forward and acquire the company, as a result, gives a feeling of validation and accomplishment for our great team at LiftIgniter.”
Existing customers will continue to access LiftIgniter products with the benefit of additional services from Maven.
Maven shares were down 14% to 43 cents a share in recent trading.