In line with its ambitions to dominate the corporate precise communications space, media technology firm Tritech Media has acquired a 25% stake in a real-time location-based advertising company ProximityID.
ProximityID is the latest company to be incorporated into the acquisitive Tritech Media, which was founded by media veteran William Kirsh.
ProximityID is a smartphone-based app, which determines a user’s location and can be used by retailers at shopping malls to better market and promote their products. Tritech Media has acquired a stake in ProximityID for an undisclosed sum and has an option to increase its holding to 50.1%.
“We are always looking for the most precise channels for marketers to reach consumers.
“The shopping mall environment is where lots of money is and, from an advertising point of view, accessing this market is key. And location-based marketing is the best way to provide precise-based and relevant communications so that consumers are properly engaged. ProximityID thus fits strategically and ideally well within this focus,” Kirsh tells Moneyweb.
Real-time location-based marketing in shopping malls and retail tenants is believed by Tritech Media to be a growing sector of the advertising industry, projected to grow in the US from US$4.5 billion currently to US$18.0 billion in 2018. This industry in South Africa is largely untapped, paving the way for Tritech Media to have a first-mover advantage.
Tritech Media’s foray into the precise communications space began in April when it acquired a 50.1% stake in Ionizr, which provides real-time, analytics driven and personal engagement solutions.
Wayne Gluckmann, who co-founded ProximityID in 2015, says its solution is a complementary fit with Ionizr, adding that its collaboration with the company will speed up its engagement with consumers and retailers.
Proximity ID’s partnership with Ionizr will see the combination of multiple technologies to enable shopping malls, retailers and brands to engage with consumers and provide insights to the effectiveness of their advertising campaigns.
“Using our wireless Beacons that are placed at shopping malls and retail tenants that pinpoint consumer’s locations through the Bluetooth app, ProximityID together with Ionizr can gather data and draw up a consumer’s profile and guide them to retailers and inform retailers about their presence,” says Gluckmann.
He says the ProximityID app will soon have a feature that will consolidate consumer’s loyalty cards, parking tickets and office access cards.
Tritech Media – which is less than a year old after evolving from Value+ Nettwork, which Kirsh launched in 2010 – has recently pulled in a slew of other acquisitions. Read more here.
Its recent acquisitions are complementary to its three aspects of its media technology strategy: digital media, customised content and proprietary technology to both consumers and corporates.