Vista Equity Partners agreed to buy a majority stake in Mediaocean, whose advertising software is used by all of the major media buying agencies.
The companies said the transaction values Mediaocean at $720 million.
Vista Equity Partners plans to invest in Mediaocean to accelerate its expansion plans and the development of new software and products that can handle a multiplatform, convergent media world.
Mediaocean CEO Bill Wise is expected to continue to run Mediaocean. Founder Michael Donovan will continue as a board member and retains the remaining equity in Mediaocean.
"Michael and Bill's combined vision and know-how have built a mission-critical and integrated platform that makes Mediaocean the best-in-industry partner for their customers to stay competitive,” Robert F. Smith, founder and CEO of Vista Equity Partners, said in a statement. “Together we can strengthen and expand Mediaocean’s existing solutions while pursuing exciting new growth opportunities in a dynamic and ever-evolving industry.”
Mediaocean’s software automates buying and selling of traditional and digital media. It is used by companies that manage more than $100 billion in global ad spending.
“Vista’s investment is the next great milestone for Mediaocean and presents a significant opportunity to continue to build on our success, and truly advance the marketplace forward,” said Wise. “Our vision has always been to provide advertisers, agencies, broadcasters and publishers with a top-tier, converged advertising ecosystem. Partnering with Vista will allow us to accelerate progress in achieving this goal, while solidifying our leadership in the industry.”
The television industry's top news stories, analysis and blogs of the day.
Thank you for signing up to Broadcasting & Cable. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.