was acquired by St. Petersburg, Fla.-based Catalina for an undisclosed amount, the company announced today.
Catalina executives said they had their eyes on the Massachusetts Innovation & Technology Exchange (MITX) Best Commerce Game Changer winner for “quite some time.” With its service at more than 350 locations, Modiv influences more than one million shopping trips per month that drive more than $1 billion in retailer sales annually, according to Modiv.
The acquisition comes just two months after Modiv launched Modiv Social, a service that enables retailers and brands to offer coupons to consumers from any couponing source and the ability to share some mobile coupons via Facebook. The company is also behind an iPhone app developed in partnership with Quincy-based Stop & Shop. The app lets shoppers scan products, bag them and pay as they browse through the aisles without queuing up at the register.
“Their success in driving in-store innovation is unmatched and their ability to deliver a scalable mobile commerce solution is exactly what retailers are looking for,” said Catalina Marketing CEO Jamie Egasti in a release. “The acquisition will allow Catalina to drive greater consumer engagement before and during the buying experience for brands, and deliver increased revenue and shopper loyalty for large-scale retailers.”
Mike Grimes, former CEO of Modiv Media is now senior vice president of mobile commerce at Catalina. Modiv employees will stay in the Boston area for now, but Catalina said it is currently looking at new office space in Boston’s Innovation District to support its expansion plans.
Source: Mass High Tech