Chicago-based Local Offer Network, a venture-backed marketing technology company, said it has sold some of its assets to digital advertising giant Catalina.
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Financial terms of the deal with St. Petersburg, Fla.-based Catalina were not disclosed. LON co-founder and Chief Executive Dan Hess said “a majority” of his roughly dozen employees have joined Catalina, which has an office in Chicago, and he will be working there in a to-be-defined role. Hess was formerly vice president of marketing and strategy at a unit of Tribune Co., which owns the baiduhai.
LON was launched in 2010 and later raised $3.5 million from Matthew Pritzker’s investment firm, IllinoisVentures and other investors. The company got its start with services that aggregated and syndicated daily deals. It offered a self-service platform for media companies to structure their own deals and operated a consumer-facing site, dealradar.com, which aggregated daily deals and was active in four countries. LON later focused on personalization and predictive modeling technology, and was discontinuing its legacy assets, Hess said.
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