Otello Corp, owner of AdColony today announced it is being acquired by Austin-based Digital Turbine, for a total estimated consideration of $400 million.
“We are extremely excited to announce the acquisition of AdColony today,” said Bill Stone, CEO of Digital Turbine. “We look forward to welcoming the AdColony team to the Digital Turbine family and believe that this strategic transaction accelerates our growth and is a positive for our partners, advertisers, employees and shareholders. AdColony saw the secular tailwinds toward mobile, video and high-speed networks like 5G before most and has been able to capitalize on its vision.”
The acquisition news comes less than a week before the 10th year anniversary of AdColony.
AdColony has had a very successful turnaround over the last three years, which was crowned with 15% year-over-year growth in 2020 versus 2019 with very solid EBITDA margins,said Otello and AdColony CEO, Lars Boilesen.
“Digital Turbine offers many complementary and additive solutions to AdColony’s performance business, while we bring an industry-leading SDK footprint and a mature and thriving brand and agency team to the partnership,” said Jude O’Connor, AdColony’s chief revenue officer. “When you combine the reach and capabilities of both companies, you have a powerful platform that will drive growth and outcomes for any buyer that participates in the mobile app economy.”
Ad tech industry is so hot right now with acquisitions. A month after it announced the acquisition of mobile ad quality measurement platform Soomla, mobile advertising platform IronSource announced a couple of days ago that it has acquired creative management platform Luna Labs.