Israel's Adap.tv Acquired By AOL For $405 Million
The Israeli-based company will help AOL become a leader of the video platform industry
The Israeli-rooted ad Platform, Adap.tv, has been sold to Internet behemoth AOL for $405 million.
The purchase, announced Wednesday, will be made with $322 million in cash and $83 million in AOL common stock.
"AOL is a leader in online video and the combination of AOL and Adap.tv will create the leading video platform in the industry," stated AOL Chairman and CEO Tim Armstrong in a press release after the deal was declared.
Israel start-up vet and CEO Amir Ashkenazi, Dan Klein and CTO Teg Grenager instituted Adap.tv back in 2006. Its investors include Gemini Israel Ventures, and US-based Redpoint Ventures, and Spark Capital to name a few.
Looking at Adap.tv’s laurels, AOL says the web platform company assisted more than 26,000 ad campaigns that were featured on 9,500 websites.
Adap.tv will function separately as part of AOL’s video branch, shepherded by senior vice president Ran Harnevo, and will be instrumental in the general ad offerings on AOL Networks.
AOL’s latest acquisition is the largest of its kind since CEO Tim Armstrong came into office in 2009, surpassing the purchase of news website Huffington Post for $315 million.
The new deal is anticipated to close in the third quarter.
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