Singtel subsidiary Amobee announced that it has emerged as the winner in the court supervised auction to acquire certain assets from Videology, a software provider for advanced TV and video advertising for purchase price of approximately $101 million.
The purchase price is subject to adjustments for accounts receivable at closing, estimated to be approximately $20.9 million.
The acquisition, following Videology’s voluntary Chapter 11 restructuring proceedings, includes Videology’s technology platform, intellectual property and certain other assets of estimated net book value of $5.3 million.
Videology is a provider of software that empowers advertisers and publishers to use data to optimize campaigns and spend across digital platforms and television. Amobee, which specializes in digital marketing technology, says the addition of Videology’s capabilities will be a further boost to its omni–channel platform and help marketers meet growing consumer demand for premium video and connected TV content.
“Our key focus has been to build up Amobee’s technological edge as we scale Amobee to become one of the world’s top leading independent digital marketing players,” said Samba Natarajan, CEO of Singtel’s Group Digital Life. “The strategic acquisition of Videology’s assets puts Amobee in an even stronger position to capture the global digital marketing opportunity with the convergence of TV and digital.”
“Television is the largest category of advertising spend and the industry is in the early–stages of the TV and video advertising transformation,” said Amobee CEO Kim Perell. “With the acquisition of Videology’s innovative technology assets, Amobee will strengthen our omni–channel capabilities and continue to bring marketers next generation solutions to reach and engage consumers on a global scale.”
This acquisition is subject to court and regulatory approvals and fulfilment of certain closing conditions.