ValueClick, a Nasdaq-listed online marketing services provider, has acquired Greystripe, a US-based mobile advertising network backed by Disney and the Peacock fund, for $70m in cash in order to access a $1.1bn market that is expected to nearly double by 2013.
For the rest of the year, Greystripe is to provide $24m to $26m in revenue and $2m to $3m in adjusted-earnings before interest, tax, depreciation and amortisation.
Investment bank Montgomery advised Greystripe.
In September 2009, Greystripe raised $2m from the Peacock Equity corporate venturing fund then a joint venture between General Electric (GE) and its media division NBCUniversal. The Peacock fund has since been transferred to cable company Comcast with the sale of NBCUniversal by GE.
The $2m series C-round extension completed a $7.5 round announced in March that year from media group Disney’s Steamboat Ventures, and venture capital firms Incubic Venture Capital and Monitor Ventures.
Its total since founding in 2005 has been $17.6m.