Israeli connected TV advertising delivery and measurement platform Innovid (NYSE: CTV) has announced that it is acquiring Scottish company TVSquared Ltd., which has developed a measurement platform for converged TV, in a cash and stock transaction valued at $160 million.
Innovid CEO and cofounder Zvika Netter said, "In acquiring TVSquared, we aim to provide the most complete view of the total TV and digital universe through a scalable, currency-grade measurement platform. Additionally, we immediately accelerate and broaden our scope globally, as brands, agencies, publishers, and broadcasters on six continents rely on TVSquared to maximize reach, identify the right audiences and drive business growth with TV. As the market demands greater accountability, Innovid and TVSquared are reimagining the future of cross-platform TV measurement together."
Innovid completed a SPAC merger last year with ION Acquisition Corp. 2, raising $251 million at a company valuation of $1.3 billion. The company's market cap is currently less than half that today at $558 million, although the company's share is up 4.5% on news of the acquisition.
Innovid is expected to report 2021 revenue of $89-90 million, up 30% from 2020 but below the analysts' forecasts. Adjusted EBITDA is expected to be $4.5-5.5 million. Innovid said that TVSquared had annual revenue of $20-22 million in 2021.
TVSquared founder and CEO Calum Smeaton said, "Innovid and TVSquared share complementary visions to transform TV measurement through a comprehensive view of audiences across all devices and platforms worldwide. Joining forces establishes a cross-platform measurement solution that maps one of the largest datasets of audiences, homes, and devices, at scale, across linear, CTV, and digital video."
Published by Globes, Israel business news - en.globes.co.il - on February 7, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.