28th Oct 2014 07:56
LONDON (Alliance News) - Matomy Media Group Ltd on Tuesday said it has struck a USD17.6 million deal to buy European mobile programmatic advertising platform MobFox.
Matomy will pay USD10.1 million in cash and USD7.5 million in new Matomy shares to acquire Mobfox. It said it would issue the shares at 260 pence per share.
MobFox shareholders may be due a further payment based on the financial performance of the business in the 24 months following the acquisition, Matomy said.
Matomy said MobFox's revenue run rate for this year is USD15 million to USD17 million. It added the acquisition would increase the contribution of its enhanced mobile activity business to around 20% of its full year revenue in 2014, from 7% a year earlier.
"The impressive growth of programmatic and mobile advertising has made it clear that both will form an important part of the future of digital advertising. MobFox has built an excellent mobile programmatic advertising solution, and its business fits perfectly into our vision, complementing our performance-based advertising capabilities," said Ofer Druker, chief executive officer of Matomy.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
MTMY.L