Barcelona’s ADman Media, a video supply side platform, has been acquired by Canadian firm AcuityAds for €13.7 million.
Per the terms of the all-cash deal, ADman will receive €1.7 million initially and €12 million that will be paid over a three-year period and is dependent on ADman reaching certain targets.
ADman has developed a video supply side platform for distributing advertisers’ video content. It targets its business at Spanish-speaking markets in Europe and Latin America, where it generates 55% and 45% of its revenue respectively.
AcuityAds, which develops AI-based digital media and advertising solutions, said in a statement that the deal will help it enter the video supply market and extend its business presence in Europe and Latin America as well as open new revenue streams.
“This acquisition will complement our industry leading AI-powered programmatic offerings for brands and agencies with a unique and differentiated publisher-direct offering and will enable AcuityAds to participate in a larger share of the digital advertising ecosystem to help advertisers and publishers drive greater returns from their digital spend,” commented Tal Hayek, CEO of AcuityAds, which is pursuing acquisitions as part of its growth strategy.
Marcos Luengo, CEO of ADman added, “I believe that by leveraging AcuityAds' technology offerings as well as its large U.S. client base and sales force, this transaction will provide a tremendous growth opportunity for our combined offerings with both publishers and advertisers.”
The Barcelona-based startup had raised around €1 million in VC funding and was backed by Inveready. The acquisition is expected to close in Q2 of this year.