AAA Tesco hears the word on BzzAgent

Tesco hears the word on BzzAgent

UK-based retailer Tesco has agreed to buy American marketing agency BzzAgent for a reported $60m.

IDG Ventures Boston, the corporate venturing unit of US-based publisher International Data Group before it became independent and renamed Flybridge, and venture capital firm General Catalyst Partners invested $13.75m in BzzAgent in 2006.

Tesco’s retail analysis subsidiary Dunnhumby will integrate with BzzAgent, which uses 800,000 people to promote products and services from companies, such as Procter & Gamble, Unilever, L’Oreal and Michelin.

Cowen and Company advised BzzAgent on the exit.

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