Financial services firm Orix USA on Tuesday exited US-based digital advertising management platform Operative Media following the startup’s acquisition by TV advertising management technology developer SintecMedia.
Terms of the acquisition have not been revealed by either party. Lorne Brown, founder and chief executive of Operative Media, will become president of SintecMedia following the transaction.
Founded in 2001, Operative Media has developed software and offers services to publishers, agencies and networks to handle advertising campaigns. The company’s client list includes broadcaster NBCUniversal, news publication Wall Street Journal and mass media company Comcast.
Orix Venture Finance, the investment arm of Orix USA, and an unnamed private investment firm provided $10m in capital in 2011. The company previously obtained $4.5m in funding from Edison Venture Fund in 2006.
Operative Media also secured $11m in debt financing in 2014 from Wellington Financial.
Brown said: “SintecMedia’s acquisition of Operative is the best possible outcome for our clients and for all media companies working to maximise profitability as TV and digital channels start to intertwine.
“We are thrilled to join the SintecMedia team and look forward to continuing to create solutions for media companies in the future.”