AcuityAds Holdings Inc. (TSX-V: AT; OTCQB: ACUIF) has completed its previously announced acquisition of Visible Measures Corp., a Boston-based leading programmatic platform provider for analytics-led video advertising, for an upfront cash payment of approximately US $10 million.
The purchase price has been satisfied by way of the net proceeds of a bought deal financing, and by partially drawing on recently increased US $10 million revolving line of credit with Silicon Valley Bank.
AcuityAds Holdings has closed its previously announced bought deal private placement of 3,444,000 common shares at $3.40 per share for gross proceeds of approximately C$11.71 million. The offering was completed through a syndicate of underwriters co-led by Paradigm Capital Inc. and Haywood Securities Inc., and including Gravitas Securities Inc. and Echelon Wealth Partners.
Founded in 2005, Visible Measures has raised US $66.5 million in five rounds of financing from DAG Ventures, Advance Publications, General Catalyst Partners, Mohr Davidow Ventures, Northgate Capital, and Commonfund.
As of December 31, 2016, Visible Measures had trailing 12-month (TTM) revenue of approximately US $20 million.
photo credit: Visible Measures