Zeta Global announced on November 24 2025 that it had closed its acquisition of Marigold’s enterprise software business, which includes Marigold Loyalty, Cheetah Digital, Selligent, Sailthru, Liveclicker, and Grow. The deal, valued at up to $325 million, consists of $100 million in cash, 5,329,070 newly issued shares of Zeta common stock, and seller notes payable within three months for up to $125 million, with up to $50 million of the notes potentially in cash or stock at Zeta’s election.
The acquisition adds an estimated $15.8 million in revenue for the first quarter of 2025 and brings Marigold’s high‑margin, subscription‑heavy enterprise portfolio into Zeta’s platform. Marigold’s business operates with a cost of revenue below 30 % and over 90 % of revenue from subscriptions, which is expected to lift Zeta’s overall adjusted EBITDA margin as the combined entity scales. By integrating Marigold’s loyalty, omni‑channel engagement, and personalization capabilities, Zeta aims to deepen its “One Zeta” identity‑intelligence‑activation stack and cross‑sell to more than 100 new Fortune 500 brands.
Prior to the announcement, Zeta had guided 2025 revenue to $1.273–$1.276 billion and 2026 revenue to $1.700–$1.720 billion. The new guidance lifts full‑year 2025 revenue to $1.290 billion (up 28 % YoY) and 2026 revenue to $1.730 billion (up 34 % YoY). Adjusted EBITDA guidance is raised to $274.7 million for 2025 (up 42 % YoY) and $385.4 million for 2026 (up 40 % YoY). The upward revisions reflect management’s confidence that the Marigold acquisition will deliver early revenue synergies, accelerate customer acquisition, and provide a platform for higher‑margin subscription growth.
CEO David Steinberg said the deal is a “1+1=4” opportunity that will unlock greater value for clients, raising return on investment from 6× to more than 10× over time. Analysts noted that the guidance increase was the primary driver of the positive market reaction, with several firms raising price targets and maintaining buy ratings. The guidance lift signals strong confidence in the integration plan and the expected acceleration of subscription revenue streams.
While the acquisition presents significant upside, management acknowledged potential churn among Marigold’s SMB customers and the need to align product roadmaps. Nevertheless, the high‑margin, subscription‑heavy nature of the acquired business and the expected cost synergies by Q4 2026 are expected to make the combined entity accretive to adjusted EBITDA, positioning Zeta for continued growth in the AI‑powered marketing technology space.
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