Music streaming service Pandora is set to acquire AdsWizz, a digital audio ad tech company, for $145m through a combination of cash and stock. The deal is expected to close in the second quarter of 2018.
AdsWizz will become a subsidiary of Pandora, with the ad tech firm’s global marketplace enabling advertisers to transact across Pandora and other audio publishers. The intention is to use the acquisition to make it easier for publishers to monetise their inventory and for advertisers to buy and measure 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 monetisation capabilities.”
Alexis van de Wyer, CEO of AdsWizz, added: “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.”