AppLovin Corporation (NASDAQ: APP), a leading marketing
platform, today announced it has reached a definitive agreement to
acquire Wurl, a high-growth software platform in the Connected TV
(CTV) market. The transaction is valued at approximately $430
million and is subject to customary closing conditions.
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the full release here:
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The acquisition will extend AppLovin’s software platform
capabilities into the large and growing CTV market. In 2021,
eMarketer projected that U.S. advertisers spent $14.4 billion on
CTV, an increase of 60% compared to 2020, with ad spending
projected to surpass $30 billion by 2025.1
“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,” said Adam Foroughi,
CEO and co-founder of AppLovin. “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.”
Wurl’s Global FAST Pass platform enables content companies
including A+E Networks, AMC Networks, Scripps, and Bloomberg to
distribute streaming video content to more than 300 million TVs and
reach over 30 million users globally each month. Wurl’s
distribution platform yields unique access to CTV ad inventory and
data that can be harnessed to further develop its CTV performance
advertising products – Wurl AdPool and Wurl Perform. Wurl makes it
effortless for content companies to build and track global
distribution for branded linear channels, live events, and
on-demand programming to manage and monetize their ad
inventory.
“Our shared vision and values made the opportunity to join
forces compelling and unique,” said Sean Doherty Sr., CEO and
co-founder of Wurl. “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.”
Wurl is expected to retain its brand and operate independently
with its existing management team. The acquisition is expected to
close in the first half of 2022 and be funded with approximately
55% cash and 45% AppLovin equity.
AppLovin will host a webcast and conference call today at 3:00
PM PT / 6:00 PM ET, during which management will discuss the
acquisition news. The conference call can be accessed by dialing
1-844-826-3033 for domestic callers or 1-412-317-5185 for
international callers. A replay of the call will be available until
March 7, 2022 at https://investors.appLovin.com.
Wilson Sonsini Goodrich & Rosati served as legal advisors
for AppLovin, and Fenwick & West LLP acted as legal advisor for
Wurl. LionTree Advisors acted as exclusive financial advisor to
Wurl.
About AppLovin
AppLovin’s leading marketing software provides developers with a
powerful, integrated set of solutions to grow their businesses.
AppLovin enables developers to market, monetize, analyze and
publish their apps. The company’s first party content includes more
than 350+ popular, engaging apps and its technology brings that
content to millions of users around the world. AppLovin is
headquartered in Palo Alto, California with several offices
globally.
About Wurl
Wurl, the world leader in powering streaming TV, interconnects
over 1200 streaming channels from the world’s top content companies
with the leading streaming distribution services in over 50
countries. Reaching over 300 million connected TVs around the
globe, the Wurl Network platform helps leading studios such as A+E
Networks, AMC Networks, Bloomberg, BBC Studios, CNN, Reuters and
Sony, deliver programming to the biggest streaming platforms,
including Amazon IMDb TV, Roku, Samsung TV Plus, Rakuten, Twitch,
and VIZIO, while maximizing monetization. Wurl is headquartered in
Palo Alto, California.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements generally relate to future events or our future
financial or operating performance. In some cases, you can identify
forward-looking statements because they contain words such as
“can,” “may,” “will,” “should,” “expect,” “plan,” “anticipate,”
“going to,” “could,” “intend,” “target,” “project,” “contemplate,”
“believe,” “estimate,” “predict,” “potential,” or “continue,” or
the negative of these words or other similar terms or expressions
that concern our expectations, strategy, priorities, plans, or
intentions. Forward-looking statements in this press release
include, but are not limited to, statements regarding our future
financial performance, including the impact of Wurl; the expected
closing and closing date of the transaction; our expectations
regarding the connected TV market; and our expectations regarding
our acquisitions, including the impact of the Wurl acquisition. Our
expectations and beliefs regarding these matters may not
materialize, and actual results in future periods are subject to
risks and uncertainties, including changes in our plans or
assumptions, that could cause actual results to differ materially
from those projected. These risks include our inability to forecast
our business, fluctuations in our results of operations, our
inability to adapt to emerging technologies and business models,
our inability to integrate, and realize the benefits from the
acquisition of Wurl. The forward-looking statements contained in
this press release are also subject to other risks and
uncertainties, including those more fully described in our
Quarterly Report on Form 10-Q for the fiscal quarter ended
September 30, 2021. Additional information will also be set forth
in our Annual Report on Form 10-K for the fiscal year ended
December 31, 2021. The forward-looking statements in this press
release are based on information available to us as of the date
hereof, and we disclaim any obligation to update any
forward-looking statements, except as required by law.
Source: AppLovin Corp.
_________________
1 US connected TV advertising will approach 60% growth by
year-end, emarketer.com, eMarketer, November, 10 2021
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version on businesswire.com: https://www.businesswire.com/news/home/20220228005934/en/
Investors Ryan Gee ir@applovin.com
Press Kim Hughes press@applovin.com
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