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Singtel unit acquires Videology assets for about US$101m
SINGTEL on Tuesday said its subsidiary Amobee, a digital marketing technology company serving brands and agencies, has emerged the winner in the court-supervised auction to acquire certain assets from Videology for about US$101 million.
The purchase price is subject to adjustments for accounts receivable at closing of about US$20.9 million.
Videology is a software provider that allows advertisers and publishers to use data to optimise campaigns. The acquisition, following Videology's voluntary Chapter 11 restructuring proceedings, includes the firm's technology platform, intellectual property and certain other assets of estimated net book value of US$5.3 million as at end-May 2018.
Singtel said the addition of Videology's capabilities will be a boost to Amobee's omni-channel platform and help marketers meet growing consumer demand for premium video and connected TV content.
Amobee's CEO Kim Perell said: "Television is the largest category of advertising spend and the industry is in the early stages of the TV and video advertising transformation. With the acquisition of Videology's innovative technology assets, Amobee will strengthen our omni-channel capabilities and continue to bring marketers next-generation solutions to reach and engage consumers on a global scale."
Amobee is an independent advertising platform which unifies key programmatic channels - including all major social media platforms, formats and devices - to provide both managed- and self-service clients with data management and media planning capabilities as well as actionable, real-time market research and proprietary audience data.
The acquisition is subject to court and regulatory approvals and fulfilment of certain closing conditions.
Singtel shares closed one cent higher at S$3.27 on Tuesday.