FreeWheel, an advertising technology subsidiary of mass media group Comcast, agreed yesterday to purchase Beeswax, a US-based developer of programmatic ad buying software, allowing branding services provider You & Mr Jones to exit.
The companies have not revealed the size of the transaction, which follows approximately $28m of funding for Beeswax.
Founded in 2014, Beeswax has built a customisable programming ad buying platform that allows users to exhibit greater control over their buying strategy. It will help enhance Freewheel’s television and video advertising offering.
You & Mr Jones took part in a $15m series B round for the company in January 2019 that was led by RRE Ventures and backed by Foundry Group and Amasia. The deal came after RRE Ventures and Foundry Group co-led its $11m series A round in 2016.
FreeWheel general manager Dave Clark said: “Together, FreeWheel and Beeswax can further enhance how television operates. As the ecosystem becomes increasingly complex, sellers and buyers of media want similar capabilities: great automation, simplicity and the ability to manage data-driven campaigns across hundreds of endpoints.
“By incorporating Beeswax’s technology into FreeWheel’s offering, we can deliver even more value to clients of both companies, helping them better navigate and succeed in this new landscape.”