Bright Mountain buys S&W Media for $23m

High-tech Photo: Shutterstock

Herzliya-based S&W Media Group specializes in Internet advertising and developing apps for smart TVs.

US digital media holding company Bright Mountain Media (OTCQB: BMTM) has announced that it has entered into an agreement to acquire Israeli ad tech company Slutzky & Winsham (S&W) Ltd. Media Group for $22.75 million in shares and $750,000 in cash. Most of this amount will be paid up front with the balance according to milestone payments. Follow the acquisition, S&W founders Nadav Slutzky and Joey Winsham will join Bright Mountain Media's board of directors. After the acquisition, Bright Mountain hopes to uplist to the NYSE.

Herzliya-based S&W Media Group specializes in Internet advertising and developing apps for smart TVs including most of the major manufacturers like Samsung, LG, and Hisense.

S&W was founded in 2015 by Nadav Slutzky, Joey Winsham and Eli Desatnik and has 22 employees in its Herzliya development center. Since its establishment, the company has relied on internal financing and has not raised funds. In 2017, annual revenue was $32 million with profit of nearly $3 million. In 2018, revenue was $13 million.

Published by Globes, Israel business news - en.globes.co.il - on August 19, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

High-tech Photo: Shutterstock
High-tech Photo: Shutterstock
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