Mobile advertising platform MobFox has been acquired by Matomy Media Group as part of a $17.6m deal.
The Tel Aviv headquartered company, which also has offices in Germany, US and London and recently agreed a strategic partnership with Publicis Groupe, has invested in the acquisition of the mobile programmatic platform for an initial $10.1m in cash and a further $7.5m in shares.
One target set by Matomy as part of the deal will be to see its bespoke technology make up half of its revenue through mobile activity before the end of 2019.
Ofer Druker, chief executive of Matomy, said that the growth of programmatic and mobile advertising meant that it would play “an important part” in the future of digital advertising.
“MobFox has built an excellent mobile programmatic advertising solution, and its business fits perfectly into our vision, complementing our performance-based advertising capabilities. We make it a priority to invest in companies that have developed proven innovative technologies and solutions that will give our advertising clients and media partners unrivalled access to these services. With MobFox, we will continue to expand our capabilities in mobile and programmatic advertising, which are key growth engines for our business,” he added.
MobFox executives, including Julian Zehetmayr, chief executive of the business, and other key personnel will join the Matomy team, while MobFox’s London office will become Matomy’s UK branch office.
MobFox is expected to report revenue of around $17m this year it has said.