Grove Inc. Closes Acquisition of Programmatic Advertising Company Interactive Offers
October 20 2021 - 8:00AM
via NewMediaWire -- Grove, Inc. (NASDAQ:GRVI) ("Grove" or the
"Company"): Grove Inc., a global innovator in hemp, health, and
wellness, has completed its previously announced acquisition of
Florida based advertising company Interactive Offers. Interactive
Offers and its SaaS programmatic advertising platform has served
the tech space with great success over the last several years.
Interactive Offers’ current revenue projection of $10-12 million
for 2022 provides Grove with a solid entry into the Programmatic Ad
space and adds a unique in-house advertising platform to leverage
and scale its current and future brands.
The closing of the acquisition comes on the back of Grove’s
launch of Upexi, its new Amazon aggregation division. Interactive
Offers’ ad platform is seen as a key asset in this division as
sellers will be able to access the platform to drive further
product sales, growth, and advertising efficiencies.
Allan Marshall, Chief Executive Officer of Grove, stated, “The
technology is set up and designed for ease of use and efficiencies
in deliverability and reporting across email, native ads, and
display. It not only fills a void for our brands but gives all of
our clients a unique ad platform that they can take advantage of
immediately. With the new revenue stream from our Adtech Technology
division, we will look to grow our Programmatic revenues while
growing our current brands and additional brands we acquire in the
future. The platform is another service available to our clients
helping them grow their business and growing the advertising
vertical itself.”
Synergies and Strategic Highlights of the
Acquisition
- SAAS Technology in the Adtech vertical will allow Grove to
boost the scale and growth of any brand launched or purchased in
the future.
- Interactive Offers SaaS Platform expansion into the Hemp and
Cannabis space and fills the needed advertising void for Grove to
grow product sales for in-house brands and partner brands.
- Interactive Offers’ business grows through access to Grove’s
clients who need advertising partners and a full-service SaaS
platform.
- Interactive Offers’ technology development team will handle all
planned development of the CBD.IO platform to become an industry
leader of CBD sales for brands.
About Grove, Inc.
Grove, Inc. is in the business of developing, producing,
marketing and selling quality products and end consumer products
containing the industrial hemp plant extract Cannabidiol (“CBD”),
as well as diversified products in other verticals. The Company
sells to numerous consumer markets including the botanical, beauty
care, pet care and functional food sectors. It seeks to take
advantage of an emerging worldwide trend to re-energize the
production of industrial hemp and to foster its many uses for
consumers.
Company Contact
Andrew NorstrudEmail:
investorinfo@cbd.ioPhone: (702) 332-5591
Investor Relations
ContactTraDigital IRJohn McNamaraEmail:
john@tradigitalir.comPhone: (917) 658-2602
Forward-Looking Statements
This news release contains "forward-looking statements" as that
term is defined in Section 27A of the United States Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
business strategy, potential acquisitions, revenue guidance,
product development, integration and synergies of acquiring
companies and personnel. These forward-looking statements are made
as of the date of this news release, and we assume no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those projected in the
forward-looking statements. Although we believe that the beliefs,
plans, expectations and intentions contained in this press release
are reasonable, there can be no assurance that such beliefs, plans,
expectations or intentions will prove to be accurate. Investors
should consult all of the information set forth herein and should
also refer to the risk factors disclosure outlined in our annual
report on Form 10-K and other periodic reports filed from
time-to-time with the Securities and Exchange Commission.
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