- SRAX
enters into $5M secured term loan with B. Riley Financial Inc. affiliate
- Company’s
BIGtoken platform allows users to own, earn from their data in addition to
generating quality data sets that can be sold to marketers
- BIGtoken
launches into several international markets including India, Mexico and
Europe
SRAX
Inc. (NASDAQ: SRAX), a marketing and consumer data management technology
company, is positioned to accelerate the growth of its BIGtoken consumer-driven
data marketplace after entering into a secured term loan with an affiliate of
B. Riley Financial Inc., a diversified financial services company. Details of
the transaction can be found in the company’s current report on Form 8-K, filed
recently with the SEC (http://ibn.fm/m0ACV).
BIGtoken is a unique offering in the digital marketing space
that offers solutions for consumers who are increasingly becoming aware of the
value of their data. The platform allows users to own and earn from their data,
providing everyone in the ecosystem with choice, clarity and reimbursement, in addition
to generating reliable data sets that can be sold to marketers.
“We are excited to partner with B. Riley. The team is
experienced and will help us take the next steps in executing our plan,” SRAX
founder and CEO Christopher Miglino stated in a news release. “This financing
will help fuel growth as both BIGtoken.com and SRAXir.com are gaining traction
in their goals to be the leaders in their respective data businesses.”
Increased concerns about data privacy have resulted in
millions of users abandoning some of the most popular social media
platforms (http://ibn.fm/BCve3).
Knowledge among the general public about the value of consumer data is no
longer secret as users are becoming increasingly savvy about how tracking
mechanisms are being used to record their clicks and track their activities.
SRAX aims to leverage this situation by positioning BIGtoken as a solution that
bridges the appetites of marketers for high-quality data with the desire of
users for fairness and compensation.
“We’re pleased to provide SRAX with the necessary financing
to support its growth,” Bryant Riley, Chairman and co-CEO of B. Riley
Financial, stated in a news release. “The shifting privacy landscape has
required brands and marketers to embrace new technology to reach desired
consumer groups, and we believe SRAX is well-positioned to capitalize on this
opportunity.”
SRAX’s BIGtoken platform features proprietary technology
that allows users to select, approve and monetize their data while
simultaneously creating anonymous and reliable data sets that marketers can
access for a fee. The available data spans many industry verticals in the
automotive, luxury, lifestyle and investor relations spaces, empowering
marketers to accurately identify target consumers for brands and companies,
giving them a competitive edge with reliable, accurate, user-driven data.
SRAX launched BIGtoken into several international markets by
creating local joint ventures such as its recent partnership with the
Mumbai-based Yash Birla Group. With diversified interests in both consumer and
industrial products, the deal will give the company access to India’s estimated
digital population of 627 million – representing one of the largest digital ad
markets in the world with an estimated value of $3.6 billion and CAGR of 32%.
Further international developments include SRAX Mexico with a team of 90
employees and 70 engineers, in addition to several multilingual offerings of
BIGtoken in Europe.
For more information, visit the company’s website at www.SRAX.com
NOTE TO INVESTORS: The latest news and updates
relating to SRAX are available in the company’s newsroom at http://ibn.fm/SRAX
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