Orlando based company IZEA has completed a $7.08m part-cash, part-stock transaction to acquire TapInfluence Inc.

Based out of Silicon Valley, TapInfluence is an online marketplace with over 87,000 users. The platform helps to connect marketers with users such as Instagram celebrities, YouTube content creators and bloggers.

With over 700,000 registered users, IZEA has a marketplace similar to the one that has been acquired in this deal. Following the deal, shares of IZEA increased by 81.44 per cent in Thursday 12th July’s pre-market trading.

Big investments

TapInfluence is supported by leading capital firms such as Grotech Ventures and Access Venture Partners, they will become IZEA’s stockholders as a part of the deal.

 “We are bringing together two of the leading companies in the influencer marketing space, creating an influencer marketing offering that is unparalleled in the industry, and providing the critical mass necessary for making significant inroads on several fronts,” said IZEA founder and chief executive officer Ted Murphy.

For the year of 2017 the combined annual revenues of both companies would of been in excess of $30.3m.

The merge is expected to be finalised by the end of July.