Mobile app technology company AppLovin recently announced that it has agreed to acquire Wurl for $430 million in order to extend its reach into the connected TV (CTV) market.
Wurl’s Global FAST Pass platform enables content companies including A+E Networks, AMC Networks, Scripps, and Bloomberg to distribute streaming video content to more than 300 million TVs and reach over 30 million users globally each month.
“The acquisition of Wurl will further our commitment to building and growing the world’s largest, most-effective digital marketing platform by providing advertisers a seamless way to tap into the highly addressable and measurable CTV market,” said Adam Foroughi, CEO and co-founder of AppLovin. “We believe our software marketing expertise can further optimize the experience for advertisers and consumers as well as enable content companies to expand their audiences and increase monetization.”
With the acquisition, Wurl is expected to retain its brand and operate independently with its existing management team.
“Our shared vision and values made the opportunity to join forces compelling and unique,” said Sean Doherty Sr., CEO and co-founder of Wurl. “AppLovin brings enormous new demand from advertisers and our partnership will enable current customers to realize even more benefits including expanded ad revenue, new viewers, and enhanced distribution to global CTV audiences. Together, we’ll pursue our mission and dramatically impact the CTV market.”
The acquisition is expected to close in the first half of 2022 and be funded with approximately 55% cash and 45% AppLovin equity.
In January 2022, AppLovin closed the acquisition of mobile ad platform MoPob. As per the agreement, AppLovin purchased MoPub from Twitter for $1.05 billion in cash. The company also acquired mobile measurement company Adjust in April 2021.