BrightBid, the AI-driven paid search advertising company with a strong presence in the UK, Sweden, Norway, and Denmark has joined forces with Speqta, a holding group listed on Nasdaq First North Premier Growth Market, in a share deal currently worth around £20m*. Speqta has a number of major investors including Swedbank Robur and is also the owner of Bidbrain; an AI based SaaS company focused on marketing for e-commerce and retail businesses.
The combination of BrightBid’s innovative AI ad tech solutions and Speqta’s strong financial position and innovative e-commerce service www.bidbrain.com is expected to see the merger significantly boost the annual revenues of both companies putting them in a position to supercharge the continuous growth and demand for AI driven marketing solutions.
BrightBid currently works with over 420 customers globally focussed on the B2B sector using AI and automation for paid search, while Bidbrain focuses on B2C e-commerce customers working with Google Shopping and product listing ads.
"This partnership is a significant indication of the explosive growth of AI solutions not just in recent times but for years to come. BrightBid, using the power of AI has achieved incredible success helping over 420 businesses gain visibility through paid search, now we have the opportunity to further push the boundaries. Merging with Speqta will enable us to deliver even greater value for our customers giving them access to a wider range of AI powered marketing solutions. It’s an exciting time for us and we’re looking forward to the journey ahead with Speqta as our best in class platform offering and services continue to help businesses get ahead on paid search." says Gustav Westman, CEO of BrightBid.
“BrightBid fulfils all the criteria of a fast-growing scale-up company and I see many similarities with previous companies I have been involved in. This deal enables the company's next step towards becoming Sweden’s next unicorn”, says Mikael Lindblom, chairman of the board of directors in BrightBid.
“The acquisition of BrightBid means that we take a big step in Speqta’s strategy shift after the last few years' work with transformation and divestitures. I conclude that it is not easy to find a company that both shares our strategy and philosophy of letting AI do the heavy lifting in advertising, and which also complements our own expertise and product portfolio. So I am very excited about this acquisition. This means that we strengthen our offer in AI-based search advertising, which in combination with marketing for E-commerce, has our full focus. I am impressed with the growth journey that BrightBid has made and look forward to working with them to continue expanding theirs, and Bidbrain's service”, says Fredrik Lindros, CEO for Speqta.
“This is a good deal for our shareholders because BrightBid complements Bidbrain in Speqta's portfolio and we get an even greater entrepreneurial drive in the organisation. We are now taking the next step in our journey in an AI industry that has never been hotter than it is now.” says Fredrik Burvall, chairman of the board of Speqta.