E-commerce and marketing company Tinuiti Inc. has agreed to acquire connected TV ad purchase store Bliss Point Media Inc., the companies said, marking the company’s second purchase by New Mountain Capital in recent months.
Bliss Point, a seven-year-old Santa Monica-based company that specializes in buying digital broadcast and connected TV ads, expects to generate about $ 50 million in revenue this year, a 200% increase from last year. Tinuiti Chief said. Executive Officer Zach Morrison. After the deal closes, the combined companies will likely generate about $ 250 million in revenue this year, he said.
The companies declined to disclose the terms of the deal.
“We have to stay ahead of the curve in culture, capabilities and technology,” said Morrison, who first met with Bliss Point CEO Sean Odlum by video last summer. “We continue to believe that consumer attention is massively focused on search, social media, and marketplaces or retail media, but the most important place that consumer attention has gone is obviously OTT and connected TV.”
OTT, an abbreviation for over-the-top, refers to television that is distributed over an Internet connection rather than through broadcast or cable.
Tinuiti, which focuses on e-commerce services, digital marketing, and search and social media ad buying, will integrate Bliss Point’s connected TV capabilities and expand Bliss Point’s proprietary planning and purchasing technology into other categories, Morrison said.
The companies are merging as advertisers increasingly shift spending to connected TV and seek support to make sense of a fragmented digital media and marketing industry.
“As we and the clients grow, the problems we are collectively trying to solve become more complex,” said Odlum. He said adding digital expertise in areas such as search, social and retail will make it possible for the company to support marketers seeking help with ad placement on an increasing number of media channels.
Tinuiti, which announced a New Mountain Capital investment in December that made the private equity investor its majority owner, has plans to expand its business as it strives for an increasing share of the digital marketing pie.
The company announced in March an agreement to acquire Ortega Group LLC, a company that specializes in sales on Amazon.,
and that he was adding new board members, including Kevin Mayer, briefly CEO of TikTok.
It is also targeting potential acquisitions in areas such as data, technology and creative capabilities, as well as firms that can help it expand its international presence, Morrison said.
“Yes, we are going to be more acquisitive,” he said. “We think about the industry and where the speed of the dollars is going.”
Write to Alexandra Bruell at [email protected]
Copyright © 2021 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8