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The Spiketrap acquisition would “round out Reddit’s capability, taking it to the next level”.
Reddit has once again moved further with its acquisition as it purchases audience contextualization company Spiketrap. The discussion website announced its latest addition on September 1st, noting that the most passionate and engaging conversations on the internet happen on its platform. Reddit added the company keeps exploring ways for investors to experience the unique power of Reddit. The company also mentioned seeking more ways to reach relevant audiences.
Reddit Buys Spiketrap
As Reddit acquired Spiketrap, the company said the contextualization company would help in improving ads relevance and performance. Spiketrap’s technology will aid the ad performance through quality scoring, engagement prediction, and up-leveled targeting. Reddit boasts of an impressive track record for empowering brands and platforms linked to Spiketrap. The new aggregation and discussion website noted that Spiketrap uses its AI-powered contextual analysis and tools to support brands and platforms. The integration of the contextualization company will enhance Reddit’s ad quality scoring and pulp its prediction models. Primarily, the acquisition aims to trigger higher returns on investment and improved solutions for all advertisers.
Executive Vice President of Ads Monetization at Reddit, Shariq Rizvi, stated:
“The richness of conversation within our 100,000+ active communities is what makes Reddit so unique and so valuable for advertisers. We believe targeting relevant audiences based on interests and with the context of the conversations they are engaging in helps ensure advertisers are reaching the right people in the most efficient ways.”
According to the executive vice president, Reddit has continuously been investing in solutions concerning ad targeting. He noted that the Spiketrap acquisition would “round out Reddit’s capability, taking it to the next level”. “I am thrilled to welcome the Spiketrap team to the Reddit family,” added he.
More on Reddit’s Purchase of Spiketrap
On the other hand, Spiketrap CEO and Co-Founder Kieran Fitzpatrick emphasized the company’s goal. According to him, the focus is to contextualize language at scale and in real time to support platforms, brands, and creators. This will help businesses and individuals to thoroughly understand their audience and engage them accordingly. He added that the company looks forward to “scaling these efforts even further as part of Reddit.”
Reddit concluded the announcement, saying:
“The Spiketrap team has joined Reddit and will support and spearhead a number of projects across our ads business. We look forward to the team’s contribution to the next phase of our advertising product strategy.”
On June 16th, the company revealed that it had purchased the machine-learning platform Spell to enhance its machine-learning capabilities and improve speed and relevancy on its platform. Per the deal, team members from the machine-learning platform have joined Reddit and will work together on new machine-learning projects. A month after buying Spell, Reddit acquired natural learning processing company MeaningCloud.