Friday August 1, 2014 0 comments
DENVER - SpotXchange Inc. will sell a 65 percent majority stake of its assets to RTL Group, a Luxembourg-based company that is the leading entertainment network in Europe, SpotXchange announced.
Under the binding agreement, RTL Group will pay $144 million for the stake with additional consideration to SpotXchange based on future performance.
The agreement also gives RTL the opportunity to acquire the company's remaining shares in the future.
The deal is subject to U.S. competition authority approval, SpotXchange said, and is expected to close by the end of August.
"This investment represents a huge opportunity for SpotXchange to accelerate our growth, particularly in Europe, and further advance our goal of becoming the leading comprehensive video advertising monetization platform across desktop, mobile and connected TV for premium publishers around the globe," said Steve Shehan, SpotXchange CEO.
Founded in 2007, SpotXchange - a video advertising monetization company - was the first online advertising marketplace with an exclusive focus on video.
The company delivers ads to 335 million in more than 100 countries each month.
Under the transaction, RTL Group will appoint three of the five members of SpotXchange's board. CEO Shehan and COO and CFO Steve Swoboda will continue to manage the company's day-to-day operations.