Engage:BDR acquires app advertising platform AdCel
ASX listed programmatic advertising service Engage:BDR has announced the acquisition of app advertising platform AdCel, in a move the company claims will boost the service’s ad inventory.
Earlier this year, the US-based company, which listed on the Australian market last year, announced it expected to increase profits by eliminating most of its sales team.
As part of the equity and cash deal valued at $4.5 million, Engage:BDR will also raise $2 million from its investors.
Engage:BDR’s management expect the acquisition of the LA headquarted firm will add $2 million to its bottom line along with increasing its client integrations from 86 to 126.
Ted Dhanik, Engage:BDR’s CEO, said in a media statement: “engage:BDR is extremely positive about the acquisition of AdCel. AdCel has a number of extremely positive attributes that make it an attractive acquisition. It has a business which will grow engage:BDR’s customer reach significantly, including many customers which are the crème de la crème of the industry”.
“engage:BDR is very pleased that the shareholders of AdCel have agreed to accept most of the purchase consideration for the business in shares in engage:BDR Limited at a premium to the IPO price of $0.20 cents which demonstrates their confidence in the engage:BDR business and its future prospects. The shareholders of AdCel have also agreed to voluntarily escrow their shares for periods ranging from 6 to 12 months from completion of the transaction”.
