Rokt builds transaction moment platform

Rokt is trying to turn a single high margin checkout ad slot into a broader commerce software stack that controls data, targeting, and now even third party product supply. The mParticle deal matters because it gives Rokt software revenue outside media spend, plus the customer identity layer that decides which email, upsell, or post purchase offer to show across channels, not just on the thank you page.

• Rokt still gets about 90% of revenue from advertising, where it takes half of advertiser spend across roughly 3,000 ecommerce partners. mParticle adds a very different revenue stream, selling the system that collects event data, builds customer profiles, and sends those profiles into tools like Braze and Iterable for retention and personalization.
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• This follows the same bundling pattern seen across CDP and data infrastructure. Standalone pipes are getting folded into workflow products that can show direct ROI. In practice, that means moving from only monetizing the checkout click to also charging for the data plumbing that improves conversion, CAC, and repeat purchase across the full customer lifecycle.
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• The move did not stop with mParticle. In July 2025, Rokt bought Canal and launched Rokt Catalog, letting merchants place third party products into checkout without holding inventory. That extends Rokt from selling ad placements into powering distributed commerce itself, where merchants can make money from product assortment as well as media.
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The direction is toward Rokt becoming a transaction moment platform. If execution holds, the company will capture more of the ecommerce software budget by owning the data layer, the decision engine, and the monetization layer in one bundle, which should make revenue less tied to ad budgets alone and more tied to the full commerce workflow.