Content technology company EX.CO- The Experience Company (formerly Playbuzz) has announced the completion of its acquisition of video technology company Cedato, which is based in Hod Hasharon.
"Following the acquisition, EX.CO will provide its publisher, brand and business partners the most advanced AI-based content & advertising solutions on the market, including CTV and header bidding mechanisms, via the company’s easy-to-use platform. In addition, this step further positions EX.CO as a resource for publishers who are tasked with meeting Google’s new Web Vitals page performance standards," the announcement said.
Cedato was founded in 2015 by its CEO Ron Dick, a serial entrepreneur in mobile and cloud. The company employs twelve people, who will transfer to EX.CO. Cedato has not received investment from venture capital funds. It has been financed by private investors, and has now been sold for a sum estimated to be under $10 million.
EX.CO was founded in 2012 under the name Playbuzz by Shaul Olmert and Tom Pachys. Olmert was CEO of the company until the end of 2019 when he resigned and was replaced by Pachys. After Olmert left, the company was rebranded, changing its name and its business focus.
EX.CO now helps online media and traders to create interactive viral content such as video clips and questionnaires to make content accessible, connect with users, gather data, or promote sales. The company employs 90 people in Israel and around the world. Among its customers are CBS, VICE, Huffington Post, Netflix, Audi, Lego and Tesco. The company reports 26% revenue growth in 2020.
Pachys told "Globes" that the acquisition would enable EX.CO to expand its solutions offering to the publishers and brands with which it works. "AS far as AI is concerned, our solutions have been limited until now, and we looked for companies that do these things. Cedato was the best we found, and it has an amazing team. Cedato makes it possible to adapt video content to any format on mobile, television and internet to reach the best quality display. They are also very efficient at determining which ad to display to each user so that they will receive the ideal user experience."
EX.CO has raised $66 million to date, but in recent years it has been financed by its own revenue. "I don't rule out a fund raising round, but we don't need to raise money. We carried out this acquisition without raising money, and we continue to grow, with the aim of reaching more than 100 employees, without external finance," Pachys says.
"This acquisition comes after a prime year of evolution and growth for EX.CO, in which we both launched and scaled our offering for businesses, as well as expanded our partnerships with some of the biggest and most innovative media companies in the world," said EX.CO founder and CEO Tom Pachys. "I’m very excited about Cedato’s technology and its ability to drive revenues across platforms while maintaining a great user experience. It perfectly complements what we have been building and will be a huge benefit to both our partners and Cedato’s client base."
"We’re thrilled to be joining forces with the EX.CO team," Dick said. "Since the company’s inception, Cedato has been laser-focused on creating the most advanced video tools with a simple, customer-first approach. EX.CO has a similar vision, powerful technology, and a large, loyal clientele base. Working together enables us to offer cutting-edge technology to our range of global partners, continuing to lead the way with product innovation that supports the market’s primary needs."
Among EX.CO's investors are The Walt Disney Company, Saban Ventures, Viola Group, 83North and firstime.
Published by Globes, Israel business news - en.globes.co.il - on April 22, 2021
© Copyright of Globes Publisher Itonut (1983) Ltd. 2021