Forefront Communications

Hartford Courant: Ideanomics, Formerly Seven Stars Cloud, Acquires Platform For Social Media Influencers

Luminex

Sam Belden

Sam Belden

Ideanomics, a financial technology services company building a presence in West Hartford, has acquired a leading marketing platform for social media influencers.

Ideanomics, the China- and New York-based corporation formerly called Seven Stars Cloud, plans to apply its blockchain technology to Grapevine Logic Inc., which helps consumer brands hire celebrities and online personalities to advertise their products on social media.

Grapevine says it has a network of more than 177,000 content creators, each with followings of at least 10,000 people, across YouTube, Facebook and Instragram. Brands can either search for and work directly with those social media influencers, or hire Grapevine to manage their campaigns.

The company counts Coca-Cola, Loreal, Walgreens and Match among its clients.

Ideanomics thinks blockchain, a digital record-keeping tool, can improve on Grapevine’s platform. Blockchain can be used to track transactions, write and enforce contracts between users and the brands that hire them and manage the trading of digital currencies or tokens.

A deal between Ideanomics and Grapevine was first announced in July.

Ideanomics, then called Seven Stars Cloud, said it would pay $2.4 million to merge with Grapevine, according to a filing with the Securities and Exchange Commission.

Bruno Wu, Ideanomics’ chief executive officer and chairman, owns 34.5 percent of Grapevine, according to the SEC filing.

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