TVSquared bought by New York firm in £118m deal
TVSquared, the Edinburgh-based advertising data company, has been acquired by New York peer Innovid in a cash and stock deal worth $160 million (£118m).
The deal will see TVSquared CEO Calum Smeaton step down and take up a role supporting the integration of the two companies.
TVSquared’s president, Jo Kinsella, who has been with the company almost since its inception, will join the Innovid executive team to lead the business and will report into Zvika Netter, CEO and co-founder of Innovid.
Netter said: “In acquiring TVSquared, we aim to provide the most complete view of the total TV and digital universe.
“Additionally, we immediately accelerate and broaden our scope globally, as brands, agencies, publishers, and broadcasters on six continents.
Kinsella said: “By digitising cross-platform TV advertising, we believe this combination will give advertisers, across the ecosystem, everything they need to transact at scale.”
The acquisition is expected to close by the end of Innovid’s fiscal second quarter, subject to the satisfaction of customary closing conditions.
TV Squared chairman Chris van der Kuyl, principal of Chroma Ventures, said: “The best part of my job as chairman has been supporting the development of the fantastic team and this is a monumental and well-earned moment for all of them.
“This chapter of the story begins and ends with Calum Smeaton, who is a world-class technology entrepreneur and someone who is willing to bear risk in stepping up and seizing opportunities
“I have known Calum for most of my professional career and will always be thankful that he chose to take on this idea and lead this company.
“It has been an honour to both invest in the company and serve as its chairman during this first phase of the company’s growth. Having transferred a material part of our investment into shares in Innovid, we are looking forward now to being part of the next phase of growth.”