OpenWeb, a blockchain-based social engagement platform, has acquired Jeeng, another social engagement platform, for $100 million.
OpenWeb provides a decentralized ecosystem that rewards users for their online activities. By leveraging the benefits of blockchain technology, OpenWeb hopes to facilitate a new and innovative way for users to earn rewards for their online activities, such as creating and sharing content. It also aims to provide advertisers with a more targeted and practical advertising experience through copious user data.
And Jeeng's platform, which serves clients such as The Atlantic, VICE Media, HarperCollins, and Vox Media, allows users to create, discover, and share content that delivers highly personalized messaging.
OpenWeb says the combined platform will offer a new way for users to monetize their online presence while also providing advertisers with a more targeted and effective advertising experience. This acquisition is OpenWeb's third over the past year — in January 2023, the company purchased Hive Media for $60 million, and in April of 2022, it obtained global advertiser ADYOULIKE for $100 million.
OpenWeb’s CEO, David Martin, stated that this latest acquisition is part of his company’s strategy to create a new and more inclusive internet. The deal will provide OpenWeb access to Jeeng's user data, allowing the company to better understand and target its audience, providing a more personalized experience for users.
"This acquisition brings us closer to our goal of ‘OpenWeb Everywhere,’ giving brands and publishers the ability to communicate with hundreds of millions of users across every online platform they encounter — messaging, email, notifications, newsreaders, interactive conversations, and more," said Nadav Shoval, Co-Founder and CEO of OpenWeb.
Shoval continues that third-party cookies and siloed online audiences are changing the world of personalized messages based on data collection. With this collaboration, Jeeng and OpenWeb will help "publishers and advertisers talk to their users one-on-one."
