Amobee has been named the winner of the auction to take control of the assets of Videology with a bid of $117.3m, which will likely fall to become just over $101.2m net purchase.
Following an auction, which took place in New York for the ad tech business after it filed for chapter 11 bankruptcy protection, Amobee was announced as the winner, with competition understood to have come from British commercial broadcaster ITV.
According to the notice announcing Amobee’s winning bid; “upon completion of the Auction, Amobee Inc (Amboee) was confirmed to be the Successful Bidder, with a purchase price, including Cash Consideration in the amount of $117,300,000.00, subject to adjustment pursuant to the Asset Purchase Agreement which adjustment as of the date hereof is project to be approximately $16,200,000.00 for projected Cash Consideration at closing (sic)…”
A spokesperson for ITV told The Drum that it's interest in the business had not died as a result of losing the auction: “As back-up bidder we will watch with interest to see if and when the successful bidder meets the conditions and completes the transaction.
“Our interest in Videology demonstrates ITV’s ambition to accelerate our targeted advertising capabilities, they added.
The video advertising platform was founded in 2007 as Tidal TV by Scott Ferber. It rebranded in 2012 and introduced new software products for content publishers that commercialized around advertising and acquired LucidMedia in the same year followed by Collider, the data management company. The following year it had amassed $120m in funding.
Videology moved to become headquartered in New York in 2016.
At the time of writing, Amobee – which had been interested in acquiring the Videology assets since it was made bankrupt – had not commented on the acquisition.
Ahead of the bankruptcy, Videology shed 6% of its global staff in an attempt to ward off closure as it sought a buyer.