Little Rock, Arkansas and Newport Beach, Ca/ Nov. 5, 2018/ SHM PR/– ConversionPoint Technologies is about to acquire a provider of artificial intelligence (AI) that has been providing AI technology to brands and agencies. ConversionPoint Technologies Inc. is a privately held eCommerce technology company.
What does the acquisition of an AI company by ConversionPoint Technologies mean for the everyday person in the world?
Currently, the definitive deal is written up to be a cash-and-stock transaction that is valued at approximately $2.22 per share of the Inuvo common stock based on 34,077,624 common shares outstanding and restricted stock units. Inuvo shareholders are set to receive $0.45 per share in cash and stock that is valued at $1.77 per share, approximately $75.5 million in total consideration.
Inuvo is the AI technology company that currently holds a patented, AI-driven consumer behavior technology which is what ConversionPoint Technologies is looking to acquire. This technology leverages machine learning to mirror the way human brains associate emotions, places, ideas, people and objects. The goal of this technology is to provide large and small businesses a way to compete more effectively. Over time, an increase in online sales, higher media spend ROI and improved customer lifecycle engagement is expected.
“Amazon controls nearly half of the $450 million in online retail sales in the U.S. thanks to their proprietary data-driven approach to consumer analysis and marketing,“ explained ConversionPoint CEO, Robert Tallack. “Online retailers and brands have been searching for an end-to-end data-driven technology to help provide accurate information they can use to acquire customers. We believe that together with our end-to-end, AI-powered, eCommerce platform can offer those capabilities to the online retail channel and the direct channel that the market has been actively searching for.”
Major brands are already customers of ConversionPoint’s current business like Canon, Logitech, and Nikon and current technology is already used by online retailers like Walmart.com and Officedepot.com. IBM, Granite Ventures, and Menlo Ventures are current shareholders at ConversionPoint.
“With our combined technologies, data sources and industry partners, we will be able to offer an even greater level of eCommerce transparency and sophistication across small, medium and large business segments. We see this combination allowing us to pursue a shared vision of providing more powerful solutions for eCommerce.” Says the CEO of Inuvo, Rich Howe.
ConversionPoint Technologies enhances consumer product experiences, optimizes media spending and enables upsell opportunities as well as fulfillment and retargeting.
Combined, the company’s IP portfolio is expected to include 15 issued U.S. patents and 12 patents pending.
About ConversionPoint Technologies
ConversionPoint Technologies, Inc. is an eCommerce technology company changing how brands, advertisers and agencies connect with, acquire and retain customers. Powered by AI-enabled media optimization, CRM, and robust post-purchase platforms that automate product delivery and remarketing, ConversionPoint offers proprietary technologies to increase conversions, lifetime customer value, and return on ad spend. ConversionPoint focuses on the non-Amazon channels, including Walmart.com, Shopify.com, and BigCommerce.com. For more information, go to ConversionPoint.com.
About Inuvo, Inc.
Inuvo®, Inc. (NYSE American:INUV) is a market leader in artificial intelligence, aligning brand strategy with consumer intent. This patented IntentKey™ artificial intelligence technology leverages contextually-based machine learning algorithms that mirror the way the human brain instantly associate ideas, emotions, places, people and objects. Inuvo harnesses this power by delivering high performing campaigns reaching audiences that would typically be missed. To learn more about Inuvo, visit www.inuvo.com or download its mobile app for Apple iPhone or Android.