Adtech business Mediaocean has announced a deal to acquire converged TV advertising company Innovid in a deal worth $500 million.
The deal is expected to see Innovid merge with Flashtalking, acquired by Mediaocean in 2021, to create a global independent omnichannel ad-tech platform.
The acquisition is expected to close early next year.
The combined organisations will provide a broad array of complementary offerings, including ad delivery, creative personalisation, measurement, and optimisation across channels, including digital, social, connected TV and linear TV, said Mediaocean.
In announcing the deal, Mediaocean said that combining two trusted and innovative platforms—Innovid and Flashtalking—will provide advertisers with increased control over data and decisions, more choice in where ad spend can go, and tools and workflows to make media investments more effective and efficient.
Current Innovid CEO and founder Zvika Netter will lead the combined company as CEO, reporting to Bill Wise, co-founder and CEO of Mediaocean. Grant Parker, who currently runs Flashtalking, will become president of the combined organisation, reporting to Netter.
“Today’s advertising landscape needs independent technology companies who can provide a neutral alternative to Google and interoperate effectively across ‘Big Tech’ platforms,” Wise said. “Our Prisma business provides robust ad infrastructure to the world’s largest brands and agencies. Now Flashtalking plus Innovid will establish a premier independent ad tech business with a keen focus on creative and CTV.”
Added Netter: “From the start, when we founded Innovid 17 years ago, we have been driven by the belief that advertising can be made better for all—and this merger represents a key milestone on that journey, and the people, teams, and passion behind it. We believe Innovid, Mediaocean and Flashtalking represent decades of innovation and integrations of some of the world’s best technologies. Together, we will be a partner that brands, agencies and publishers can rely on to innovate, drive growth, and build their future.”
