The auction for Videology’s assets is over, and Amobee has come out on top. Back in May, OnlineVideo.net reported that video ad technology company Videology had declared bankruptcy and would seek Chapter 11 protection. At the time, the company accepted a conditional asset purchase agreement from rival marketing technology company Amobee.
Before the agreement could close, other parties were allowed to bid for Videology’s assets, and, according to The Drum, at least one other company did. U.K. broadcaster ITV also took part in the action.
In the end, Amobee came out ahead with a price of about $101 million USD. A press statement notes that the price is subject to adjustment for accounts receivables at close, would could add another $21 million.
For its money Amobee gets Videology’s technology platform and intellectual property. Videology worked with advertisers and publishers to create data-optimized connected TV and digital campaigns. Amobee will use Videology’s tech to improve its own omni-channel platform which helps marketers run campaigns on premium online video and connected TV.
“Our key focus has been to build up Amobee’s technological edge as we scale Amobee to become one of the world’s top leading independent digital marketing players,” says Samba Natarajan, CEO of Singtel’s Group Digital Life. “The strategic acquisition of Videology’s assets puts Amobee in an even stronger position to capture the global digital marketing opportunity with the convergence of TV and digital.”
Even though it didn’t win the auction, ITV has signaled that it would still like to acquire Videology’s assets as it seeks to improve its targeted advertising abilities.
“As back-up bidder we will watch with interest to see if and when the successful bidder meets the conditions and completes the transaction,” an ITV representative told The Drum.
Amobee is a subsidiary of Singapore telecom Singtel. Videology was founded by Scott Ferber in 2007 as Tidal TV. It became Videology in 2012.