Scott Weavers-Wright, Elevaate founder and CEO will now have to venture other spaces as Quotient Technology has taken over Elevaate.
Silicon Valley intends to utilize the startup’s revenue-driving platform for search and sponsored product ads in its website as part of the campaign to expand its eCommerce bottom line.
Elevaate is a platform that drives online sales through sponsored search & product ads around the internet and on merchants’ properties.
For the first time, Quotient is making a UK acquisition in a move that will allow it to assist its retailer associates to increase eCommerce media and sales. The buyout is a calculated move particularly now that online shopping rates are shooting.
Elevaate specializes in tying a brand’s product ads to matching placements all through the eCommerce buying process with the help of multiple algorithms, rich analytics and flexible request models.
Scott Weavers-Wright will now abandon Elevaate to focus on other opportunities, other members of staff will stay in Stamford, while Engineering crews will be taken to the US launch. It should be remembered the Elevaate ex-founder had previously sold his former business Kiddicare for a whopping £70 million to Morrisons PLC.
“I’m proud and happy for my staff to be part of a billion-dollar company based in California—it’s an excellent opportunity. It is rare to have Silicon Valley buy out a Stamford-based tech platform. The four years have been an awesome journey.”
“Earlier, brands and suppliers asked me to promote their products to top search results pages but at that time restraint on tech meant it was not possible. Later on, I learnt the significance of supplier contribution in the transaction between suppliers and the merchant at an international level. After realizing not one person was doing this, I took the risk to what has now turned to UK’s largest tech acquisition in 2019. Now, I look to continue exploring the digital business space in Stamford.”
In 2017, Silicon Valley Unicorn’s UK investment surpassed £1 billion for the first time, marking a rise of 250 percent over the last five years. Most of the investments went to tech companies dealing in the self-styled ‘Golden Triangle’ of London, Cambridge, and Oxford.
Hopefully, Quotient Technology will utilize Elevaate to expand its bottom line. The merger is a calculated step to take advantage of today online shopping trends.Author Bio: Payment industry expert Taylor Cole is one of the merchant account providers UK who understands the complicated world of accepting credit and debit cards at your business. His understanding of the industry has helped thousands of business owners save money and time.