Consumer privacy regulations such as General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA) will be effective from 2020. This requires companies to ensure compliance more than ever before.
LiveRamp acquires Faktor
In a recent development, LiveRamp, a San Francisco-based identity data platform acquired Faktor, an Amsterdam-based consent management platform (CMP) based on blockchain tech.
As of now, both the companies have not divulged the details regarding the acquisition. But it has been confirmed that LiveRamp will take on the 11-member team of Faktor in Amsterdam. The Amsterdam startup provides tools for digital advertising and privacy.
With the acquisition, LiveRamp’s focus on privacy and data stewardship will be strengthened. Also, LiveRamp will help clients and partners ensure compliance as a part of its suite of offerings in North America, Europe and other global markets.
“The world’s largest and most innovative companies all believe that giving consumers increased visibility and control over their personal information is incredibly important, and recent regulatory requirements such as GDPR and the upcoming CCPA only make this more critical,” said LiveRamp CEO, Scott Howe. “With the acquisition of Faktor, we hope to send a powerful message to our customers, partners and the industry—that everyone should be informed and have control over how their data is used.”
What Faktor does?
Faktor was founded in 2017 by Tim Geenen, Anke Kuik, Niels Baarsma and Johan de Groot. It is a consent management platform that helps users manage how and where their data is used. It helps publishers receive tools that they need to operate sustainable businesses and brands provide meaningful experiences to customers.
Benefits to LiveRamp
As a result of the acquisition, any client with the need to manage consent and maintain transparency to ensure compliance with CCPA can make use of the suite of privacy tools offered by LiveRamp. Its privacy tools will be fully integrated with those of Faktor. This way, users will get to use centralised consent management privacy controls across devices. It will let publishers access a fully integrated consent and identity platform resulting in stronger consumer relationship and improved monetisation.
Faktor remains to operate in Amsterdam
Post acquisition, Faktor will still operate from Amsterdam. It will have its own product and engineering services that will collaborate with that of LiveRamp to unleash benefits for both. It will also leverage the global foothold of the American company to cross-sell products and services to the customer portfolio of both companies.
Stay tuned to Silicon Canals for more updates in the tech startup world.
Also read,
https://siliconcanals.com/events/these-10-standout-tech-startups-have-been-selected-for-future-hamburg-award-2019/
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