Bainbridge Island-based marketing tech company Banzai International Inc. (Nasdaq: BNZI) has signed a nonbinding letter of intent to acquire Mixed Analytics, a data analytics company headquartered in Middletown, Delaware.
Banzai, which announced the move in a Tuesday regulatory filing, went public through a merger with a special purpose acquisition company in December. At the time, Banzai co-founder and CEO Joe Davy said going public would give the company capital to make acquisitions.
"The IPO process was a pretty long and arduous one," Davy said at the time. "As a result we have a really deep pipeline of great companies that we think are attractively valued. We think right now is a perfect time to execute on this strategy."
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The companies didn't disclose financials or say when the potential deal is expected to close. Banzai declined to answer questions about the acquisition, such as what will happen to the Mixed Analytics brand or its employees after the acquisition. Mixed Analytics is at least the fourth company Banzai has signed a letter of intent to acquire since going public.
Davy previously said the marketing tech field is fragmented with too many vendors, which can frustrate clients, and added that by making acquisitions, Banzai can become a more full-service marketing platform.
The difficult funding environment has put many good marketing tech companies in a bind, he said, making it an ideal time to make acquisitions. Banzai is targeting companies below the largest in the market.
Mixed Analytics, founded in 2012, pulls data from platforms like Facebook, Instagram and YouTube and integrates that data directly into Google Sheets. The company says users can customize the tool without code. Mixed Analytics says its clients include eBay, Google and L’Oréal.
Banzai said in a news release Mixed Analytics was profitable.
Banzai was founded in 2015. The company helps clients boost event registrations and host webinars, and it offers analytics to guide decision making. Its past acquisitions include the webinar platform Demio in 2021 and the event management software company High Attendance in 2020.
Davy in December said Banzai had just under 100 employees. Its clients include Square and Hewlett Packard Enterprise. Banzai had office space in downtown Seattle before the pandemic, but the company has since gone remote and subleased that office. Banzai now has a small office on Bainbridge Island.
