|
The new company, called NewWorldIQ, is headquartered in California and will offer all of the on-line and off-line marketing services of its predecessors. Dublin-based NewWorld was a provider of automated marketing and campaign management solutions while IQ Commerce sold interactive promotion, direct marketing and database solutions.
"The two companies complement each other both in the product sense and in the geographic sense," explained Donal Daly, former chairman and chief executive officer of NewWorld Commerce and the current chairman of NewWorldIQ. "We are strong in Europe and have a presence in the US, they are strong in the US and have a presence in Europe. We have been focused on B2B, they have been focused on B2C. The combined product will offer all of these services," he told ElectricNews.Net.
As a single entity NewWorldIQ will offer marketers its Enterprise Marketing Automation (EMA) solution for planning, building and executing multi-stage marketing campaigns that integrate a variety of on-line and off-line marketing tactics.
The merger was in the works for six months and no money changed hands in the deal, Daly explained.
Along with the merger the new company said it has attracted USD5 million in funding from eVerger, an international venture capital firm making early stage equity investments in companies operating in the e-marketing sector. The new funding will be used to help the company expand its sales operations and also for product development. NewWorldIQ's product development operations will be run from its Dublin offices. "Moving our development facilities to Ireland from California should help us dramatically cut costs, and it's good news for the Irish economy," said Daly.
The combined company will have more than 70 employees, with more than 40 of those former NewWorld Commerce workers, none of whom were cut, Daly said, in order to complete the merger. It is understood however that IQ Commerce cut as many as 15 jobs prior to announcing the completion of the deal.
The new company will be based in IQ Commerce's offices in Saratoga, California. NewWorldIQ will also retain its other existing office locations worldwide, including its offices in Sweden, Seattle and New York, with consolidation of its two offices in England.
It has also appointed Michael Mahoney, who was not an employee of either firm, as its new chief executive officer.
For more information visit http://www.newworldiq.com/.
|
