US-based mobile advertising exchange Nexage has been acquired by mobile ad platform Millennial Media for $107.5m, providing an exit to media company Hearst and telecommunications firm SingTel.
Nexage provides a real-time bidding service that helps to automate the buying and selling of mobile advertisements. The acquisition will enable Millennial Media to offer a greater range of services to mobile advertisers and the app publishers who want to sell ad space.
Ernie Cormier, Nexage’s chief executive, said: “Millennial Media is an extremely well known name in our industry, and a real pioneer and leader in bringing brand dollars into mobile.
“I believe the addition of Nexage’s platform and people will further Millennial Media’s mission in creating a leading independent mobile advertising platform and vital programmatic marketplace.”
Nexage previously raised $4m in series A funding from Grandbanks Capital and Blackberry Partners Fund in 2009.
$15m was raised in a series B round in 2012, which included Hearst Interactive Media and Singtel Innov8, which act as Hearst and SingTel’s respective corporate venturing units, as well as Grandbanks Capital and Relay Ventures.