Global Hemp Producer Grove, Inc. Closes Acquisition of Interactive Offers
Grove, Inc. (NASDAQ: GRVI) has announced the completion of its acquisition of Interactive Offers, an advertising company which uses a SaaS platform to boost visibility of companies’ products and services. This acquisition brought Grove shares down by 11% to $6.79.
Interactive Offers, which is based out of Florida, has a projected revenue of $10 to $12 million for 2022, and is expected to drive business to both Grove and client brands as well. This satisfies Grove’s need for digital advertising to grow sales for both in-house and partner brands.
Interactive Offers specializes in email and programmatic advertising, helping clients monetize off tailored ads and driving traffic to their sites.
“The technology is set up and designed for ease of use and efficiencies in deliverability and reporting across email, native ads, and display,” said Allan Marshall, CEO of Grove. “With the new revenue stream from our Adtech Technology division, we will look to grow our Programmatic revenues while growing our current brands and additional brands we acquire in the future. The platform is another service available to our clients helping them grow their business and growing the advertising vertical itself.”
The acquisition follows the launch of Grove’s Amazon aggregate division Upexi, which grants Grove an opportunity to sell to prospective business owners and give them access to its programmatic ad technology and marketing experts. With Interactive Offers, this plan to grow in product sales and advertising efficiencies will be accelerated.
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