24/7 Media Sells AwardTrack Technology
Pass Privilege Inc., Charlotte, NC, has acquired the assets of 24/7 Media Inc.’s AwardTrack technology. The platform enables marketers to maximize their customer relationship marketing efforts through private label loyalty programs, the companies said. The move comes as part of 24/7 Media’s effort to reduce operating expenses amid a slowing economy and a significant falloff in advertising revenue.
Terms of the sale were not disclosed.
AwardTrack was founded in December 1997 as an Internet software company providing loyalty program management services.
Earlier this month, network advertising agency DoubleClick Inc., New York, purchased the technology of Sabela Media Inc., from 24/7 Media. Terms of that deal were also not released.
In April, 24/7 Media said that it had begun exploring the sale of a number of assets including its e-mail marketing company Exactis, which has not been sold. The company also cut 100 jobs and reported that it may close some offices in an effort to cut costs.
