SAN DIEGO--(BUSINESS WIRE)--Today, Dentsu Aegis Network announced that it has signed a definitive agreement to acquire Covario, Inc.’s search and content marketing agency business.
Covario’s Rio SEO software unit, which offers award-winning local search, enterprise search, and social media automation and analytic tools, will remain an independent SAAS company and continue to power the software behind Covario clients’ search solutions. Rio SEO has raised additional funding from FTV Capital, Dubilier & Co., Voyager Capital, and Stratim Capital to pursue further development and sales of its technology platform in the fast-growing areas of local search, mobile search, and social media measurement.
Rio SEO also announced that Dema Zlotin, one of the original founders of Covario, will be joining the company as its chief executive officer to lead its next stage of growth.
Eric Byunn, partner at FTV Capital, said, “Rio SEO has quickly become the dominant provider in local search software. We are excited to be backing a strong management team with a leading technology addressing a pressing need for local marketers.”
Bill Connard, vice president of local search solutions at Rio SEO, said, “Our recent expansion of international business listings management couldn’t have come at a better time. Working with an agency like Covario as it becomes part of the Dentsu Aegis Network’s iProspect global performance agency will expand our reach and help us deliver our local search expertise to customers around the world.”
Zlotin added, "I'm very impressed with Rio SEO’s product, technology, and the steps it has taken in recent years to become a leader in enterprise-scale search solutions. Our position in the marketplace coupled with massive growth within mobile, local, and social provides a path to quickly expand the business. I look forward to working with a talented team to provide innovative search solutions to its current customers and partner with the leading digital agencies to help them achieve success in search."
Financial terms of the transaction were not disclosed.
About Rio SEO
Based in San Diego, Rio SEO ranks among the largest independent providers of SaaS-based, local search automation solutions and patented SEO reporting tools. Since 2009, Rio SEO’s local search technology has helped leading brands and global retailers drive online web and mobile traffic to their location listings through all of the major search engines, social networks, and data aggregators. Today, Rio SEO’s Store Finder, Mobile Store Finder, and the industry’s only international Local Business Listings Management software power more than 100,000 location listings for top department stores, pharmacies, sporting goods stores, auto parts providers, and other multi-location retailers and service businesses. More information about Rio SEO is available at http://www.RioSEO.com.