American Express buys virtual currency platform Sometrics

American Express has acquired US-based virtual currency platform and in-game payments provider Sometrics for USD 30 million, TechCrunch reports.

Sometrics will be added to the Enterprise Growth Group, the business unit within American Express focused on expanding alternative mobile and online payment services beyond the traditional card and travel businesses. In addition, Sometrics will be used within American Express’ Serve digital payments platform to incorporate virtual currencies and loyalty programs, the same source indicates.

Founded in 2007, Sometrics operates as an analytics and ad platform startup company specialising in social media. It offers analytics and ad managing services that focus on social networking platforms and applications. The company also provides social advertising solutions, including displays, engagements, and brand assessments, as well as social planners for advertisers. In addition, it offers Social Analytics that provide analysis for social applications and websites; Social Ad Manager that helps to serve and optimize ads to increase revenue across social media properties; Virtual Currency Manager, a virtual currency platform designed to provide an interface to manage disparate offer networks and relationships for publishers; community site for gamers; and an in-game Shop & Earn Shopping Feed that enables consumers to earn currency for games when they make online purchases at selected brand-name retailers.

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