One of the region’s most watched new firms is changing its name as part of a rebrand designed to attract the growing number of global firms looking to strike affiliate partnership deals.
Performance Horizon works with international companies to track online sales and pay commission to third party marketers. The company has used this partnership service with clients including Adidas, British Airways, Expedia, Google and Spotify.
The success of the company’s work delivering and optimising these partnership deals has led the firm to gain a reputation as one of Newcastle’s most new companies, being named top tech firm in the region by GP Bullhound, being tipped to become a $1bn tech ‘unicorn’ and making the Tech City UK list of the UK’s 50 companies to watch.
Now it has changed its name to Partnerize, saying the new identity will align the company with the growing trend of using partner website and businesses to boost online sales.
Mal Cowley, Partnerize co-founder and CEO, said: “Increasingly, leading brands are putting partnership at the centre of their growth plans, and our new name reflects our mission to partnerize brands so they can drive extraordinary growth through this remarkable business channel.”
He added: “At Partnerize, our vision is to make it easy for brands to make the most of this critical growth channel. Our new name reflects that vision and our commitment to drive growth and constant innovation in the partnerships industry.”
To explain the name change, Partnerize has released a survey of 1,200 businesses - titled The State and Future of Partnership - that shows the extent that companies are now using the partnership sales model.
According to the survey, 95% of business leaders report that their companies have performance partnerships in place, while 75% say that partnerships are a high or very high priority for their companies. 56% of bosses also added that performance partnership channels drive more than 20% of total company sales, with nearly a quarter of firms (24%) saying it drives more than 30% of sales.
Along with the name change, Partnerize is introducing 25 new enhancements to its platform to provide a better service to its clients. The enhancements will create more intuitive workflows, improved navigation, simpler payment and conversion tracking, richer data visualization, streamlined campaign management and better creative tracking.
Last year the company revealed it was investing in using artificial intelligence (AI) software that allows clients to forecast how changes in commission payments will impact sales and revenues.
Based on Forth Banks in Newcastle, the company has attracted more than £10m in investment from US venture capitalists and has offices in London, New York, San Francisco, Baltimore, Sydney, Tokyo and Hamburg.