Digital TV company Innovid buys TVSquared
Innovid, a publicly-traded ad tech company that specializes in measuring and distributing digital TV ads, has purchased TVSquared in a deal valued at $160 million.
Why it matters: The deal combines Innovid's streaming expertise with TVSquared's strength in linear TV. Further, it gives Innovid the scale necessary to compete for market share in an increasingly crowded field for TV measurement.
The big picture: Innovid went public last year via a SPAC merger. As Axios previously noted, a record number of advertising and marketing technology companies went public last year.
- As TV consumption shifts digital, Nielsen has faced increasing pressure from new ad tech companies that specialize in streaming analytics.
- Last month, NBCUniversal announced it was using measurement company iSpot and evaluating other potential vendors.
Details: The deal is valued at approximately $160 million, consisting of $100 million in cash and the rest in stock consideration.
- TVSquared Founder and CEO Calum Smeaton will step down and take on a strategy role to support the integration with Innovid, according to the press release.
- TVSquared President Jo Kinsella will join Innovid's executive team.
- Innovid said it expects the acquisition to close by the end of its second quarter.
What's next: More ad tech companies are expected to raise new capital or merge with other players to gain scale.