As exits go, this must rank as one of the faster ones. Just a year and four months after we covered the launch of RingRing Media, the company has been sold to Amobee Media Systems for an undisclosed sum, though a figure around the $20 million (12 million) mark has been rumoured. In an interview with Mobile Marketing Magazine this morning, Amobee CEO Zohar Levkovitz, said the company was impressed with RingRing from the first time it met them.
We met for the first time in September 2009, and it was clear from that first meeting that the synergy between the two companies was almost perfect, says Levkovitz. So we checked them out further, and that was a very quick and effective process.
This synergy comes from the fact that Amobee is a large vendor of mobile advertising inventory on behalf of mobile operators - it also counts Vodafone and Telefnica among its investors - while RingRing connects Amobee to the demand and the advertisers. The two companies say they now aim to create the worlds largest mobile advertising exchange, connecting publishers to advertisers through the mobile channel.
Big media buys on mobile can be a nightmare, says Levkovitz. Its an almost impossible mission sometimes, where you have to call Vodafone in one country, Orange in another, Telefnica in another, and then go out and find other publishers as well, and large media buyers just cant do it. RingRing have taken the pain out of this process, and the joint company will have other solutions to make the buying experience even simpler.
RingRing Media Co-founder Ben Tatton-Brown says everyone at the firm is over the moon with the deal.
Were ecstatic and excited, we feel like kids in a toy store, he says. We have grown very quickly in a short period of time. The business was founded in 2008, we were profitable after month 11, and we have never looked back, with revenues now in excess of $2 million per month.
Its a great deal for us, like two pieces of a jigsaw coming together because the two companies complement each other so well, he continues. We have the demand and the client relationships and the budgets and Amobee has the best ad-serving technology in the world. We have been busy building our ad exchange which has now reached 4 billion ads per month, and we now have a combined goal to create the worlds largest mobile ad exchange. In fact, with our 4 billion impressions a month and Amobees multiple billions we are already bigger than AdMob.
But Tatton-Brown is keen to stress that going forward, it's business as usual for the company.
We remain 100% committed to how we can benefit our clients, advertisers and publishers; we have their best interests at heart, he says. We will continue to buy inventory on other networks like AdMob, Quattro and Millennial. The deal does not change anything with regard to our day-to-day business.