SingTel Buys Two Advertising Agencies
Published on: 11th Jun 2014
Singapore's SingTel has confirmed previous rumours, and is buying two advertising agencies to beef up its existing Amobee mobile advertising division.
Amobee is to acquire Adconion in North America and Australia as well as USA based Kontera Technologies.
Adconion will be acquired at a valuation of USD235 million. The consideration payable is approximately USD209 million, excluding debt. The valuation and consideration payable for Kontera is approximately USD150 million.
Both companies are advertising agencies that primarily focus on desktop computer advertising models.
Mr. Allen Lew, CEO, Group Digital L!fe and Chairman of Amobee, said: "The SingTel Group has significant scale and customer relationships with over 500 million mobile customers, as well as intelligent networks, billing capabilities and extensive touch points. Together with Amobee's advanced digital marketing technology and solutions, we will create relevant and innovative marketing campaigns across multiple channels for brands and advertisers. These acquisitions will further differentiate Amobee and help solidify its position in the digital advertising market."