Measurement company EDO has received an $80 million strategic growth investment from Shamrock Capital, a Los Angeles firm.
The investment gives EDO funds to scale its platform, which measures the outcomes resulting from convergent TV advertising campaigns.
Co-founded by actor Edward Norton and David Nadler, EDO is one of a number of firms using big data to measure television advertising at a time when media companies, media buyers and brands seem to be seriously considering alternative to Nielsen.
Companies in the ad tech and data business have been going public, adding capital or being acquired as the look to scale up to compete.
Shamrock partner Laura Held said EDO looked like a strong contender in the measurement field.
“Over the past 40 years, Shamrock has developed deep expertise in the rapidly evolving media and entertainment industry,” Held said. “As we studied the opportunity in Convergent TV measurement and data, we quickly identified EDO as a strategically differentiated player at the forefront of innovation in a massively valuable global ecosystem. EDO has amassed an impressive network of partners, clients and team members who we believe are reshaping what is possible from Convergent TV measurement, ad performance and consumer engagement insights. We look forward to working closely with the EDO team on their continued growth.”
EDO will expand its board of directors, which currently consists of Norton, Nadler and famed investor Jim Breyer, to include three new members: Shamrock Capital partner Laura Held and vice president Alicia Zhu and EDO president and CEO Kevin Krim.
“With tens of billions in advertising at stake amid an ever-competitive Convergent TV landscape, many of the largest and most dynamic brands, agencies, technology platforms, studios and networks have come to trust and depend on EDO,” said Krim. “We’ve fundamentally changed what is expected from the effectiveness of TV advertising — weak proxies and soft signals don’t cut it anymore when our customers know they can get real-time, always-on measurement that confidently predicts business outcomes and allows them to optimize while campaigns are in flight.
”The industry is hungry for a whole new definition of ‘currency,’ especially one that inherently reflects the fair value of what’s being bought and sold — that is outcome measurement,” he added. ”We’re thrilled to earn the support of Shamrock Capital, which shares our vision and brings an outstanding track record of helping companies turbocharge their growth.” ■
Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
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