Amobee has won the rights to attain TV and video advertising software company Videology's assets during a court-supervised auction after it filed for Chapter 11 bankruptcy in the US.
The purchase, totalling $US101 million, includes Videology’s technology platform, intellectual property and certain other assets of estimated net book value of US$5.3 million.
According to a statement from Amobee, the purchase price is subject to adjustments for accounts receivable at closing, estimated to be approximately US$20.9 million.
The Singtel owned business also stated that the addition of Videology’s capabilities will further boost Amobee’s omnichannel platform and "help marketers meet growing consumer demand" for premium video and connected TV content.
"Television is the largest category of advertising spend and the industry is in the early stages of the TV and video advertising transformation," Amobee CEO Kim Perell says.
"With the acquisition of Videology’s innovative technology assets, Amobee will strengthen our omnichannel capabilities and continue to bring marketers next-generation solutions to reach and engage consumers on a global scale.”
Despite the moves, local MD of Videology Chris Mooney previously told AdNews the filing won't impact the Australian business and the services it provides to clients and partners.
He says the US business operates as a separate entity and it has not filed for bankruptcy protection in any APAC market including Australia.
“This filing will have no impact on the services we provide to our clients and partners and there will be no disruption to our business in Australia,” says Mooney, who will continue to lead Videology Australia as MD.
“We can confirm that Videology has no plans to exit the market and in fact, Australia continues to be one of our most successful operations globally."
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