Umbrella Network has acquired Lucidity – a leading blockchain-based digital marketing analytics company.
The acquisition was made in August 2021 for an undisclosed figure. The acquisition will come into force within the first half of 2022 – possibly as early as Q1 2022.
Lucidity – which is built on the Ethereum blockchain – works to reduce high costs in advertising by using analytics to identify discrepancies in analytics data and explain why, how, and where an advertising campaign’s budget is being wasted.
The Umbrella Network’s community-owned layer-2 oracle works as a bridge that collects data and information from the real world and plugs it into smart contracts. The off-chain data feeds trigger the contracts and work autonomously when specific circumstances have been met.
Lucidity’s wide range of customers will operate on the Umbrella Network oracle, making it the largest oracle in the ecosystem. By using Lucidity’s analytics and the advantages that Umbrella provides, customers such as KFC and Hyundai will save up to 30% on ad purchases per campaign.
Sam Kim, a partner at Umbrella, praised the marked improvements in the performance of advertising campaigns for Lucidity’s current client base.
“By combining [Lucidity’s] advanced analytical capabilities with Umbrella’s oracle network, we will be able to deliver unparalleled insights to marketers” he said.
Lucidity has more decentralised finance technology solutions in the pipeline, including non-fungible token usage in digital advertising spaces.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.