Evergage, a Somerville startup that provides real-time personalization software, announced on Tuesday that it has acquired a 16-year-old retail tech company considered a "pioneer" in the product recommendation space.
The startup said it bought MyBuys from New York-based adtech company Magnetic, which merged with MyBuys a little under three years ago. This marks the first acquisition for Evergage, which has raised $31.5 million from investors, including Boston VC firm G20 Ventures, over the past seven years. Terms of the deal were not disclosed.
Founded in 2001, MyBuys raised a total of roughly $37 million from investors, according to Crunchbase, before it was merged with Magnetic in 2015 — a deal that was backed with a $25 million round of equity funding that was led by Edison Partners.
In an email to BostInno, Evergage CEO Karl Wirth said his company is bringing over an unspecified number of employees from MyBuys' engineering, customer success and technical support teams to Evergage. This includes Jason Shriver, the former head of client success at MyBuys, and Rick Berman, MyBuys' chief architect. A majority of the MyBuys employees will work from a new Evergage office in Ann Arbor, Mich. A few will work from California.
Wirth declined to say how many employees Evergage has but said that the company continues to grow "both organically and through deals like the MyBuys acquisition."
While Evergage is already serving companies in the retail sector, with customers like Rue La La and Walmart Mexico, the startup said the acquisition of MyBuys will give a wide array of retailers the ability to "deliver individualized, cross-channel experiences that drive conversions, build customer loyalty and increase revenues."
