Gurugram (Haryana) [India], January 31 (ANI/BusinessWire India): Mitgo will take ownership of all solutions and services in the MarTech, FinTech, Smart Shopping, and IT-driven Startup Incubation sectors. Admitad will continue to focus on being a global Performance Marketing platform and IT solutions provider.
Since its founding in 2009 and its launch of India operations in 2015, Admitad has become a Global Partner Network and leader in the partnership marketing industry. In 2022, its services and platforms generated more than 130 million orders for 35,000 brands and online merchants and monetized the audiences of more than 100,000 publishers.
The past five years have seen a period of strong growth and accelerated acquisition, with the company having spent more than $30 million in the acquiring, investing in, and launching of various new projects and businesses.
With many of these new enterprises falling outside of Admitad's natural marketing environment, a company restructuring was due.
The launch of Mitgo, the new parent holding company for the Admitad business group, aims to simplify the current company structure, allowing Admitad and its assets the freedom to develop independently, grow in different directions, and to create new outposts in emerging industries.
Alexander Bachmann, CEO, founder, and sole owner of Admitad, will step in as CEO of Mitgo. He states that the move reflects the fact that the company is now much broader in scope than ever before.
"The worldwide economy is changing rapidly. By developing its own products and investing in promising new projects, Mitgo will make a major contribution to the development of industries such as eCommerce, AdTech, and MarTech. An innovation-focused approach is the very backbone of Mitgo's business operation. This new company structure will allow us even more freedom to launch ventures, acquire, invest - and attract investment", states Bachmann.
As a multinational holding company with assets in the MarTech, FinTech, and IT innovation fields, Mitgo plans to play a big role in the future shaping of these industries.
This move will allow Mitgo to tap into new, upcoming fields. Fields such as EdTech - where their Univibes service helps students to choose, apply to and win international university scholarships, and Smart Shopping with their CheckRewards solution.
Mitgo will also act as a global startup incubator for founders and co-founders, and an investor and entrepreneur network, supporting, developing, promising new businesses, and actively contributing to the startup ecosystem of India. One of its main priorities is to attract strong project founders, active co-investors, and new team members in focus regions.
"We are thrilled to announce the launch of our parent company, Mitgo, which marks a significant milestone in our journey to provide innovative and cutting-edge solutions to businesses and organizations. Businesses, investors, and entrepreneurs will benefit from Mitgo's launch in India by gaining access to an entrepreneur and investment hub that is interested in investing in upcoming projects. Additionally, they will have wider access to the products and services offered by Mitgo's group of businesses, allowing them to tap into new markets and opportunities." States Neha Kulwal, Managing Director Mitgo APAC.
With Admitad's strong client base in India comprising Flipkart, Croma, AJIO, boAt, Myntra, Samsung, Times of India, Kotak, mCaffeine, etc, the launch of Mitgo will further strengthen the performance of brands giving them wider access to a host of innovative products and services as well as attract new brands to be a part of Mitgo's growing ecosystem.
Admitad will remain one of Mitgo's core businesses, with a continued focus on being a global performance marketing platform and IT solutions provider. The company will launch a number of new innovative products in 2023.
Businesses within the Mitgo family (100% stake) focus on native advertising (TakeAds), coupon and voucher advertising solutions (FairSavings), influencer marketing solutions (ConvertSocial), EdTech market (Univibes), and affiliate and referral tracking solutions (Tapfiliate). Businesses within the extended family (partial stake) include Letyshops, Sarafan, Booknet, and Manganum. Several of these offerings were created within Mitgo's own startup studio and accelerator.
With offices in 10+ countries and team of more than 700 professionals specializing in different regions - from LATAM to APAC (including an office in Gurugram, India) - Mitgo offers a complete infrastructure of long-standing local business relationships in leading economies around the world.
Brands under the Mitgo umbrella will benefit from full access to the complete spectrum of growth options, experience, and financial support that its parent company can provide.
Mitgo's mission is to create, launch and scale new businesses through investment and acquisition. To this end, the company plans to make further investments of between $75-$100 million by 2025.
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