Pandora closes $145M AdsWizz acquisition
Pandora Media has wrapped up its $145M securing of promotion tech firm AdsWizz.
At shutting, Pandora paid $66.3M in real money and 9.9M offers of basic stock; it will pay an extra $5M in real money after some point of reference arrangements.
AdsWizz will work as a remain solitary backup under the authority of its CEO, Alexis van de Wyer.
Offers are - 0.4% premarket.
AdsWizz is one of the few ad tech firms that is completely dedicated to digital audio, serving some of the largest players in the industry. With digital audio advertising growing 42% year-over-year, according to the IAB, the combined offering of Pandora and AdsWizz will capitalize on this trend, while making it easier for publishers to monetize their inventory, and for advertisers to buy and measure their campaigns.
“Since I joined Pandora six months ago, I have highlighted ad tech as a key area of investment for us. Today we took an important step to advance that priority and accelerate our product roadmap,” said Roger Lynch, CEO of Pandora. “With our scale in audio advertising and AdsWizz’s tech expertise, we will create the largest digital audio advertising ecosystem, better serving global publishers and advertisers — while improving Pandora’s own monetization capabilities.”