Magnite Acquires CTV Ad Serving Platform SpringServe For $31M

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  • Sell-side advertising platform Magnite Inc MGNI acquired SpringServe, an ad serving platform for connected TV (CTV), for $31 million.
  • SpringServe's technology manages multiple aspects of video advertising for CTV publishers like inventory routing, customized ad experiences, and advanced podding logic.
  • Tight technical integration between ad serving and programmatic capabilities reduces complexity, improves inventory management between multiple parties, enhances functionality, and can reduce costs.
  • Last year, SpotX, now a Magnite subsidiary, made a minority investment in SpringServe.
  • The acquisition will help Magnite meet the needs of leading CTV publishers, Magnite CEO Michael Barrett said. Additionally, Magnite's hybrid solution enables programmatic demand to compete with the publisher's direct-sold demand and optimize yield automatically.
  • Magnite held $468.6 million in cash and equivalents as of March 31, 2021.
  • Price action: MGNI shares traded higher by 0.85% at $34.13 in the market session on the last check Thursday.
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