Enterprise value sits at US$310m.
Singtel subsidiary Amobee announced it has signed an agreement to acquire Turn, a leading provider of a global technology platform for marketers and agencies, at an enterprise value of US$310m.
Amobee, a global digital marketing technology company serving brands such as Airbnb, Dell EMC and Lexus, will be leveraging on Turn's advanced data and analytics solutions through a data management platform (DMP), allowing marketers to better understand customer interactions across ad formats and devices.
"The acquisition of Turn will expand Amobee’s existing programmatic and data management capabilities. Amobee will be able to offer marketers an independent end-to-end advertising and data management platform across all channels, formats and devices, access to proprietary Amobee Brand Intelligence insights as well as advanced analytics and media planning capabilities. With this unified platform, leading brands and agencies can plan and buy media for specific audiences in a more integrated way to maximise their investments across desktop, mobile, video and social media," the group said.
OCBC Investment Research said this is a positive move for the Singapore telco giant.
"We deem this acquisition positive for Singtel over the longer-term as building up digital capabilities is in-line with one of Singapore’s future economy strategies, especially one which we believe is in an industry with high-growth potential," OCBC said.
Do you know more about this story? Contact us anonymously through this link.