MediaMath announces $175m credit facility; Tremor Video names Mark Zagorski as new CEO
Adtech outfits MediaMath and Tremor Video have today (June 6) separately announced significant developments; with the former unveiling a mammoth $175m credit facility, meanwhile the video advertising outfit has named Mark Zagorski as its new chief executive.
MediaMath recently announced its participation in an 'open-ID' consortium
MediaMath’s latest move was led by Goldman Sachs with the participation of Santander Bank in order to facilitate its ongoing growth objectives; a move that comes as industry-wide speculation continues over the financing and future of adtech companies.
MediaMath will use this new line of credit to refinance existing debt facilities and fund its ongoing growth objectives, with the latest move coming almost three years to the day since the adtech outfit raised the same amount through a $73.5m financing round, and a $105m increase in its debt facility.
The move comes amid headlines of multiple layoffs at some of the adtech sector’s major names in 2017 but not all are so downbeat, with a host of new acquirers now entering the space, according to research.
Meanwhile, Tremor Video's new chief Zagorski, who most recently served as executive vice president of Nielsen Marketing Cloud and oversaw the sale of eXelate to the outfit in 2014, will assume his new role at the company on July 10.
Tremor, a publicly listed adtech outfit whose former chief executive officer Bill Day stepped down from the role in February this year, has undergone a transitionary 12 month period. This period saw the outfit decide to close down the ad network and demand-side platform (DSP) side of the business in the UK to instead focus on its supply-side platform (SSP) operations.
"Tremor Video has a strong reputation for pioneering video technology and delivering value for premium publishers and leading brands at scale. These strengths are fundamental to building a world class company that is helping to drive transformative shifts in the advertising landscape," added Zagorski.
The latest financing move from MediaMath comes a little over a month since it announced its participation in a joint initiative along with fellow adtech outfits to form an 'open-ID' standard that will help advertisers target users across screens.
This will see AppNexus, Index Exchange, LiveIntent, plus LiveRamp to create a standard framework that will help advertisers better target users across screens using programmatic media buying technologies. Speaking with The Drum, Rubicon Project chief executive Michael Barrett said his outfit is likely to join this 'open-ID' project in the coming weeks.
The move is widely read as an attempt to rival the digital duopoly of Facebook and Google, both of whom collectively pocket 20% of all media spend, according to research.