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IZEA acquires online influencer platform TapInfluence in a US$7.08mln deal

The platform connects marketers with online influencers such as bloggers or Instagram celebrities
IZEA acquires online influencer platform TapInfluence in a US$7.08mln deal
The soon-to-be-acquired start-up has more than 87,000 registered users

IZEA Inc (NASDAQ:IZEA) has reached a multi-million dollar agreement to acquire TapInfluence Inc, a rival marketing platform.

The Silicon Valley-based start-up is a software-as-a-service-based online marketplace with more than 87,000 registered users. Its user base consists of online influencers such as bloggers and Instagram celebrities. The platform connects marketers with influencers to promote their products or services.

Shares of IZEA soared nearly 90% to US$1.76 in Thursday pre-market trading.

TapInfluence claims that the average monthly influencer cash compensation totals US$763.50. The company has worked with big-name brands like Panasonic and SunTrust.

READ: Synergy CHC turns to Instagram influencers to promote its products

The part-cash, part-stock transaction is estimated to be worth around US$7.08mln.

IZEA runs a similar marketplace with more than 700,000 registered creators.

“We are bringing together two of the leading companies in the influencer marketing space, creating an influencer marketing offering that is unparalleled in the industry, and providing the critical mass necessary for making significant inroads on several fronts,” said IZEA CEO Ted Murphy in a press release.

The merger is expected to be completed before the end of July.

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