Affle to acquire Mediasmart in EUR 5.12 mn deal

New Delhi, Feb 28 () Ad-tech company Affle on Friday said it will acquire Spanish firm Mediasmart in a EUR 5.12 million (Rs 40.87 crore) deal.

Mediasmart provides advertisers, trading desks and agencies an integrated mobile advertising platform.

Its proximity marketing solutions allow it to deliver location targeted campaigns with real time footfall tracking and offline attribution.

Its total revenue for the financial year ended December 31, 2019, was EUR 5.95 million.

"A total consideration of EUR 5.12 million including contingent consideration to be paid for the acquisition of 100 per cent shares and economic rights of employees (subject to certain performance conditions over 4 years period and also subject to certain closing adjustments)," Affle said in a regulatory filing.

It added that this also includes the payments to employees (other than economic rights of employees) amounting up to EUR 0.62 million, to be paid over a period of four years.

As per the deal, 94.78 per cent shares are to be transferred by March 31, 2020 and the balance 5.22 per cent shares to be transferred on or before March 31, 2021, the filing said.

Mediasmart has the perfect team, culture and tech platform for Affle to build greater strategic presence in Europe, Latin America and US, according to Affle Chairman, MD and CEO Anuj Khanna Sohum.

"Their proximity marketing programmatic platform strengthens our omnichannel platform to enable marketers to drive incremental online and offline conversions in both developed and emerging markets," he added. SR MRMR