Pandora to Acquire Leading Digital Audio Ad Tech Firm AdsWizz
Pandora (NYSE: P), the largest music streaming service in the U.S., today announced it will acquire AdsWizz, the global leader in digital audio ad technology. The addition of AdsWizz will upgrade Pandora’s ad tech capabilities, provide its advertisers with greater audience reach, and expand the company’s revenue opportunities.
AdsWizz is one of the few ad tech firms that is completely dedicated to digital audio, serving some of the largest players in the industry. With digital audio advertising growing 42% year-over-year, according to the IAB, the combined offering of Pandora and AdsWizz will capitalize on this trend, while making it easier for publishers to monetize their inventory, and for advertisers to buy and measure their campaigns.
“Since I joined Pandora six months ago, I have highlighted ad tech as a key area of investment for us. Today we took an important step to advance that priority and accelerate our product roadmap,” said Roger Lynch, CEO of Pandora. “With our scale in audio advertising and AdsWizz’s tech expertise, we will create the largest digital audio advertising ecosystem, better serving global publishers and advertisers — while improving Pandora’s own monetization capabilities.”
Once fully integrated, advertisers will be able to transact through AdsWizz’s global marketplace across Pandora and other leading audio publishers. Pandora will support the growth of AdsWizz’s core business and invest in technology development that serves all constituents.
“For the last ten years, our mission at AdsWizz has been to enable the global monetization of digital audio by building innovative advertising technologies for music streaming services, digital broadcasters and podcasters. We believe in providing value to all stakeholders — brands, publishers and listeners — through engaging and well-targeted advertising experiences,” said Alexis van de Wyer, the CEO of AdsWizz. “Now is the time to combine forces with Pandora, one of the leaders and pioneers in digital audio, and accelerate our ability to provide solutions that meet the increasingly sophisticated needs of advertisers and digital audiences.”
At the closing of the transaction, AdsWizz will become a subsidiary of Pandora, with Mr. van de Wyer remaining the CEO of AdsWizz. Pandora agreed to pay $145 million in a combination of cash and stock, with a minimum of 50 percent paid in cash and the remainder to be paid, at Pandora’s election, in either cash or stock (with the stock conversion based on the dollar-volume-weighted average trading price for Pandora's common stock for 10 trading days prior to the closing), subject to certain price adjustments at and after closing. The acquisition does not change the first quarter 2018 guidance or the full year 2018 commentary that was provided on Pandora’s most recent earnings call. This transaction is expected to close in the second quarter of 2018 and is subject to customary closing conditions and regulatory approval.
Pandora is the world’s most powerful music discovery platform – a place where artists find their fans and listeners find music they love. We are driven by a single purpose: unleashing the infinite power of music by connecting artists and fans, whether through earbuds, car speakers, live on stage or anywhere fans want to experience it. Our team of highly trained musicologists analyze hundreds of attributes for each recording which powers our proprietary Music Genome Project®, delivering billions of hours of personalized music tailored to the tastes of each music listener, full of discovery, making artist/fan connections at unprecedented scale. Founded by musicians, Pandora empowers artists with valuable data and tools to help grow their careers and connect with their fans.
AdsWizz has created the end-to-end technology platform that is powering the digital audio advertising ecosystem. AdsWizz powers well-known music platforms, podcasts and broadcasting groups worldwide with a comprehensive digital audio software suite of solutions that connect audio publishers to the advertising community. From dynamic ad insertion to advanced programmatic platforms to innovative new audio formats, AdsWizz efficiently connects buyers and sellers in digital audio. AdsWizz is headquartered in San Mateo, California, with a presence in 39 countries around the world.
“SAFE HARBOR” STATEMENT
This press release contains forward-looking statements within the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the completion of the acquisition of AdsWizz, and the timing of doing so, and the benefits to Pandora from the acquisition of AdsWizz. These forward-looking statements are based on Pandora's current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, the failure or delay in the satisfying of closing conditions to the acquisition, difficulties in integrating the AdsWizz business, and other uncertainties associated with the acquisition of a new business, competitive factors; our ability to manage our growth; and general economic conditions worldwide. Further information on these factors and other risks that may affect the business are included in filings with the Securities and Exchange Commission (SEC) from time to time, including our most recently filed Annual Report on Form 10-K, particularly under the heading “Risk Factors.”
These documents are available online from the SEC or on the SEC Filings section of the Investor Relations section of our website at investor.pandora.com. Information on our website is not part of this release. All forward-looking statements in this press release are based on information currently available to Pandora, which assumes no obligation to update these forward-looking statements in light of new information or future events.
Om Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Følg saker fra Business Wire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Business Wire
Invengo Releases Latest Version of Its ACUITY Digital Platform for Linen Inventory Management20.9.2018 08:00 | Pressemelding
Invengo today announced hot new improvements to its ACUITY digital platform, underscoring its commitment to help laundry groups, hotels and healthcare facilities take full control over their linen inventories, anywhere and at any time. This new milestone release is a significant leap forward from its previous version, taking linen professionals one step further with 100% automatic real-time linen stock visibility, enabling stock levels optimization and availability through cloud-based reporting, dashboards and data analysis. This latest version of ACUITY provides a superior full cloud-based, software-as-a-service (SaaS) offering for companies seeking a plug-and-play solution, significantly reducing total cost of ownership, technical complexity, and setup time, while providing users with instant access to their linen management platform through a web browser on any device. This eliminates the hassle of hosting and maintaining their own server and dealing with software updates while enjo
Alibaba Announces Smart Mobility Initiatives with Partners20.9.2018 07:17 | Pressemelding
Alibaba Group Holding Limited (NYSE: BABA) announced today a series of smart mobility initiatives in partnership with auto brands and technology service providers. The announcement was made during The Cloud Computing Conference, the company’s largest technology showcase, held over four days in Hangzhou, Alibaba’s home base. Partnering with Bosch on Automated Valet Parking Alibaba Cloud, the cloud-computing arm of Alibaba Group, and Bosch, a leading global supplier of technology services, announced plans to introduce Automated Valet Parking (AVP) solutions in China. Both parties will work together to enable the infrastructure-based, driverless parking solution. The technology is powered by software in a cloud and it will offer a fully automated valet parking service in the near future. As part of the cooperation, Bosch will provide its AVP technology, its experience in systems engineering and its IoT competencies. Alibaba Cloud, meanwhile, will share its technologies and its experience
Egon Zehnder and Mobius Executive Leadership Formalize Exclusive Strategic Partnership20.9.2018 06:01 | Pressemelding
Egon Zehnder, the world’s leadership advisory firm, has entered into a formal partnership with Mobius Executive Leadership, the US and Europe-based premier leadership development firm. The partnership combines the firms’ proprietary methods for accelerating the personal and professional development of senior executives and for stimulating an organization’s ability to transform. “Readiness to lead at the top levels in business and society today requires leaders develop a willingness to understand who they are and who they can become so that they can unlock their full potential – and help their organizations unleash their potential as well,” stated Jill Ader, Egon Zehnder’s Chair-Elect and Co-developer of the Executive Breakthrough Program. “Together with Mobius, we have found success in doing that.” Already collaborating for more than four years, the two firms’ new partnership formally combines Egon Zehnder’s deep leadership advisory experience to the world’s most influential leaders an
Twispay Teams up with Blue Air to Expand Digital Payments20.9.2018 06:00 | Pressemelding
Blue Air, the largest Romanian airline by scheduled passengers flown, and Twispay, Swiss-owned European payment processor and FinTech pioneer, today announced the availability of a payment integration partnership that allows a global clientele to complete online payments through Twispay’s payment services. The airline industry is massively time pressured. Airline companies have learned to adapt business and pricing models according to a wide range of wildly fluctuating variables, from sudden shifts in demand and operational costs to erratic weather patterns. Therefore, the reliability and flexibility of a payment processing integration are paramount. The ability to accept online payments quickly, safely, and with ease is crucial to any 21st - century venture, let alone an airline company. “It was essential for us to establish a partnership with a processing services player who understands and can handle a high volume of transactions and air-travel operational particularities. Additiona
Alibaba A.I. Labs Launches Hospitality Robot20.9.2018 04:00 | Pressemelding
The robotics industry is revolutionizing the world, and Alibaba A.I. Labs is raising the stakes in this cutting-edge industry with the announcement of launching service robots for the hospitality sector starting in October. The news was made at The Computing Conference 2018, which is scheduled for four days till September 22 in Hangzhou, China, the site of Alibaba’s headquarters. Alibaba A.I. Labs is the department leading consumer AI product development at Alibaba. Hotels have until now depended entirely on human labor. But the labs' service robot — from delivering meals to taking laundry to guests — demonstrates what guests can expect at hotels in the future. Guests talk to the robot via voice command, touch and hand gesture, and its responses are driven by AliGenie, the software that powers Alibaba A.I. Labs’ smart speaker, Tmall Genie. “We are excited by this tremendous development that is helping us bridge the gap between guest needs and the response time that they expect. Alibaba
Celltrion Signs 'Incubation' Agreement with Emory University for Development of New Drugs for Atherosclerosis20.9.2018 02:03 | Pressemelding
Celltrion, Inc. (KRX:068270) signed an ‘Incubation’ agreement with Emory University in Atlanta to support the research and development of new drug candidates for atherosclerosis. ‘Incubation’ agreement is one of the open innovation measures by which a company provides its internal resources and capabilities, such as research space and facility, manpower and business operation consulting, to an external research institute or startup so as to support the research and ensure autonomy of the research aimed at developing new drugs or next-generation technology on the condition that the company can preferentially discuss commercialization of the research output. Under the agreement, Celltrion will share Celltrion’s accumulated biologics development expertise with Emory University School of Medicine and the Wallace H. Coulter Department of Biomedical Engineering at Emory University and Georgia Institute of Technology, and provide research costs and manufacturing materials of new drug candidat