Pandora, the US music streaming service, has completed its acquisition of AdsWizz, a global player in digital audio advertising technology.
“Audio is the fastest growing format in digital advertising and the marketplace is rapidly evolving,” said Pandora CEO Roger Lynch. “Completing the acquisition cements our position in the future of audio, making us more ready than ever to serve publishers and brands worldwide.”
“We built the AdsWizz platform using innovative technology in service of a simple idea: provide value to all stakeholders in the digital audio ecosystem – including brands, listeners and publishers – with relevant, engaged and highly targeted advertising experiences,” said Alexis van de Wyer, CEO of AdsWizz. “This will not change. We will continue to focus on building the best technology in the industry for our publisher partners everywhere, and on continuing to innovate and enhance our platform, which will be accessible to all.”
AdsWizz will operate as a standalone subsidiary of Pandora, continuing under Alexis van de Wyer’s leadership. At closing, Pandora paid $66.3 million in cash and 9.9 million shares of Pandora common stock. An additional $5 million in cash is payable upon achievement of certain milestone provisions in connection with the acquisition.
Concluded Roger Lynch, “As a publisher, Pandora has long understood the value that a sophisticated advertising platform can bring to everyone in digital audio. We are the leader in this space, and we remain committed to serving all constituents in the ecosystem.”