Singtel-owned Amobee buys Turn in a deal worth $310m
Singtel-owned Amobee buys Turn
According to Amobee, the deal completes its ad stack proposition, allowing it to service clients with what it claims to be an “end-to-end” solution across all channels, formats and devices. Turn’s offering has been used for buying digital ads in real time across video, mobile and display for major brands including KraftHeinz, Toyota and L’Oréal USA.
Samba Natarajan, Singtel's CEO of Group Digital Life, said the deal will allow Amobee to continue its growth into Asia Pacific by forging a closer alliance with its owner Singtel.
"With marketers increasingly shifting from traditional to digital media to engage consumers, global digital ad spend is expected to exceed US$200 billion in 2017. The strategic acquisition of Turn strengthens Amobee's technological edge in the rapidly evolving market of digital advertising and accelerates its growth into a significant global digital marketing player. It will also prime Amobee for expansion beyond the US and into the Asia Pacific, where the Singtel Group reaches some 640 million customers across 22 countries,” he said.
Amobee, a programmatic business with roots in the US was bought by Singaporean telco Singtel in 2012 for US $321 million. This was followed in 2014 by the acquisition of Adconion and Kontera, which Amobee bought for US $235 million and US $150 million, respectively. The Turn acquisition brings Singtel's overall investment in Amobee to more than $1bn. This series of acquisitions will place Singtel as a serious contender within the ad tech ecosystem and follows a wider trend for telecommunications companies using their position as data-rich businesses to position themselves to advertisers.
Bruce Falck, CEO of Turn, said: "Today is a significant moment for us and a recognition of the quality of our technology platform. As a part of Amobee, we will be able to enhance the value delivered to our customers and partners on a global scale and accelerate innovation in this space."
The deal is expected to close in the first half of 2017, pending regulatory approval.