Boston social marketing company BzzAgent is being acquired by the world’s third-biggest retail chain, Tesco. The London based subsidiary of Tesco, Dunnhumby, is reported to be buying BzzAgent for $60 million.
BzzAgent is an agency that provides free products to a network of “agents” who in return spread the word about their sample. It is reported that the agency has over 800,000 word-of-mouth representatives within their organization. In the last 10 years following their development, BzzAgent has worked on more than 2,000 programs for 500 various clients. BzzAgent’s CEO and founder, Dave Balter, will continue in those roles and will additionally join the Dunnhumby executive team.
This is the second significant social media acquisition in our hometown of Boston this year, following Omnicom’s $100 million purchase of Communispace in January.
Read more details regarding this purchase on Boston.com.