Palo Alto-based connected TV software and service provider Wurl has been swallowed by a bigger Silicon Valley fish, marketing platform operator AppLovin, for $430 million, the companies announced.
The deal, comprised of 55% cash and 45% AppLovin equity, will leave Wurl's management team, led by CEO and Co-Founder Sean Doherty Sr., intact. It's expected to close in the first half of 2022.
Wurl is one of the more active backend technology vendors in the OTT business, creating and selling software products like the recently introduced Global FAST Pass that enable media company clients including A+E Networks, AMC Networks, Scripps and Bloomberg to distribute their content on a wide range of OTT platforms.
Founded in 2011, AppLovin has been bankrolled with $1.4 billion in funding and provides a platform for developers to market, monetize, analyze and publish their apps.
“Our shared vision and values made the opportunity to join forces compelling and unique,” Doherty said in a statement “AppLovin brings enormous new demand from advertisers and our partnership will enable current customers to realize even more benefits including expanded ad revenue, new viewers, and enhanced distribution to global CTV audiences. Together, we’ll pursue our mission and dramatically impact the CTV market.”
For its part, AppLovin noted that advertisers spent $14.4 billion on connected TV in 2021, up 60% over 2020.
Added Adam Foroughi, CEO and co-founder of AppLovin: “The acquisition of Wurl will further our commitment to building and growing the world’s largest, most-effective digital marketing platform by providing advertisers a seamless way to tap into the highly addressable and measurable CTV market. We believe our software marketing expertise can further optimize the experience for advertisers and consumers as well as enable content companies to expand their audiences and increase monetization.”
