Innovid acquires TVSquaredMonday, February 7th, 2022
Innovid Announces Acquisition of Converged TV Measurement Leader, TVSquared
Combination Expands Independent, Currency-Grade Measurement Platform Across TV, CTV & Digital
- Purchase price valued at approximately $160 million consists of $100 million in cash as well as additional stock consideration.
- TVSquared total preliminary revenue for the full year of 2021 is expected to be between $20 – $22 million.
- Combined business positions Innovid as a single source for ad-serving and measurement for converged TV.
- Innovid also announced today preliminary expectations for 2021 Q4 and Full Year results, the press release can be seen here.
NEW YORK and EDINBURGH, Scotland — Innovid (NYSE: CTV), a leading independent connected TV (CTV) advertising delivery and measurement platform, and TVSquared Ltd. (“TVSquared”), an independent global measurement and attribution platform for converged TV, have entered into a definitive agreement in which Innovid will acquire TVSquared in a cash and stock transaction valued at approximately $160 million.
With the industry calling for a more transparent and accountable TV ecosystem, the deal establishes a new currency-grade standard for cross-platform measurement, powered by the scale and automation of an independent global ad server.
“In acquiring TVSquared, we aim to provide the most complete view of the total TV and digital universe through a scalable, currency-grade measurement platform,” said Zvika Netter, CEO and Co-Founder of Innovid. “Additionally, we immediately accelerate and broaden our scope globally, as brands, agencies, publishers, and broadcasters on six continents rely on TVSquared to maximize reach, identify the right audiences and drive business growth with TV. As the market demands greater accountability, Innovid and TVSquared are reimagining the future of cross-platform TV measurement together.”
“By digitizing cross-platform TV advertising, we believe this combination will give advertisers, across the ecosystem, everything they need to transact at scale,” said Jo Kinsella, President, TVSquared. “Together, TVSquared and Innovid are at the center of TV’s transformation, meeting the market’s needs for a converged TV measurement alternative.”
“Innovid and TVSquared share complementary visions to transform TV measurement through a comprehensive view of audiences across all devices and platforms worldwide,” said Calum Smeaton, CEO and Founder, TVSquared. “Joining forces establishes a cross-platform measurement solution that maps one of the largest datasets of audiences, homes, and devices, at scale, across linear, CTV, and digital video.”
Upon closing, Smeaton will be stepping down as TVSquared CEO to take on a strategy role in support of the integration with Innovid. TVSquared’s president, Kinsella, who has been with the company almost since its inception will join the Innovid executive team, reporting into Netter and leading the measurement business.
The combined entity will represent buy-and sell-side customers and process billions of impressions events daily. The joint offering will include ad serving, creative personalization and optimization, outcomes and audience measurement, including reach, frequency and unique unduplicated reach, for the total TV and digital universe.
The TVSquared acquisition is expected to close by the end of Innovid’s fiscal second quarter, subject to the satisfaction of customary closing conditions. All financial information for TVSquared is prepared under UK GAAP which may not be comparable to financial results prepared under US GAAP. TVSquared was advised by LUMA Partners.
Management will hold a conference call to discuss the acquisition, Q4 and Full Year 2021 financial results on February 24 at 8:30 a.m. EST. Speakers will include Zvika Netter, Co-founder and Chief Executive Officer, Tanya Andreev-Kaspin, Chief Financial Officer, and Tal Chalozin, Co-founder and Chief Technology Officer.