France-based commerce media company Criteo announced on Wednesday that it has completed the acquisition of programmatic and real time advertising firm IPONWEB for $250 million.
Criteo said in a statement that the acquisition will ‘’accelerate its Commerce Media Platform strategy to better serve its enterprise marketers – and their agency partners – by leveraging IPONWEB’s well-established Demand Side Platform (DSP) and Supply Side Platform (SSP) solutions’’.
The company first announced the deal back in December 2021, saying that it was planning to acquire the ad-tech firm for $380 million. After updating the terms, the companies decreased the price $130 million to $250 million, of which $180 million was paid in cash and $70 million paid in Criteo treasury stock.
Criteo will also pay up to $100 million for certain financial and operational goals achieved over the following 18 months. Meanwhile the transaction won’t include the subsidiary of IponWeb in Russia, due to the international sanctions put against Russia for attacking Ukraine.
In addition to the acquisition news, Criteo also announced its Q2 financial results yesterday, reporting a total revenue of $495 million, which was down 10% from $551 million generated in Q2 2021. Its gross profit was up 1% to $185 million, and net income grew 18% to $18 million.