OpenWeb acquires audience management platform Jeeng for $100 million
OpenWeb acquires audience management platform Jeeng for $100 million
The Israeli-founded unicorn, which raised $170 million at a $1.5 billion valuation three months ago, completed its third acquisition in a year, taking its total spending to $260 million
Israeli-founded community engagement platform OpenWeb announced on Thursday that it has acquired the proprietary audience management platform Jeeng.
Jeeng, which was co-founded by Israelis and has an R&D center in Israel, supports 150 million unique monthly visitors and over 650 publishers, including VICE Media, The Atlantic, Crain’s, HarperCollins, and Vox Media. Jeeng employs over 60 people and they will be integrated into OpenWeb across New York City and Tel Aviv offices.
Jeeng’s platform helps media outlets build relationships with readers across multiple channels with hyper-personalized messaging. Using AI technology, Jeeng leverages first-party data to deliver effective content tailored to users’ interests across email, push, and other channels.
The acquisition of Jeeng’s proprietary solutions will allow OpenWeb to expand its base of over 100 million active users and 1,000-plus publishers. Some of the world’s top publishers, including The New York Times, Hearst, Yahoo!, Penske Media Corporation, and News Corp, rely on the B2B2C platform to help them host healthy online conversations and build communities.
OpenWeb raised $170 million in Series F funding led by Georgian at a valuation of $1.5 billion in October of last year. To date, the company has raised $393 million in funding.
“This acquisition brings us closer to our goal of ‘OpenWeb Everywhere,’ giving brands and publishers the ability to communicate with hundreds of millions of users across every online platform they encounter – messaging, email, notifications, newsreaders, interactive conversations and more,” said Nadav Shoval, CEO and co-founder of OpenWeb. “With the demise of third-party cookies, collapsing trust in social media, and the segmentation of online audiences, publishers and advertisers need to talk to their users one-on-one, in a personalized way. With Jeeng’s capabilities, we can continue to build and strengthen those individual relationships.”
JMP Securities served as Jeeng’s financial advisor in the transaction. The acquisition is the third within 12 months for OpenWeb. In January, the company purchased Hive Media for $60 million, and in April it acquired ADYOULIKE, a global advertising platform, for $100 million.
Founded in 2015, OpenWeb has over 265 employees in New York City, Tel Aviv, Kiev, San Diego, Canada, London, and Paris.
Jeeng, founded in 2014 as PowerInbox, has raised around $23 million to date.
“OpenWeb and Jeeng are the perfect fit as we share the same vision,” said Jeff Kupietzky, CEO of Jeeng. “OpenWeb is leading the industry in cultivating innovative, safe, and Web3-ready decentralized social experiences. Jeeng has excelled at providing personalized, automated communications with built-in monetization. Together, we’re forming a hyper-targeted and first-party data-rich 360 degree experience.”
