Crisp Media, a US-based advertising technology developer backed by semiconductor manufacturer Intel, is set to be acquired by media and analytics company Quotient for an initial $33m.
Quotient will pay $20m in cash, with the remainder of the price provided in stock. Crisp Media could secure up to $24.5m in additional cash subject to financial milestones in the year following the acquisition.
Founded in 2003, Crisp Media operates under the brand name Crisp Mobile, offering mobile marketing and advertising services. The technology enables retailers to drive in-store sales by sending personalised messages to shoppers at optimal times.
The company will continue to operate as a separate brand, but is expected to complement Quotient’s existing range of products. The acquisition deal is expected to close by the end of the second quarter of 2017.
Crisp had raised $17m in total funding from Intel Capital, the corporate venturing subsidiary of Intel, as well as EDBI, the investment arm of Singapore government-owned statutory board Economic Development Board, and venture capital firm Meritage Funds.
Intel Capital, EDBI and Meritage Fund had all taken part in Crisp’s most recent round, in which it raised $6m in 2011.
Mir Aamir, president and chief operating officer of Quotient, said: “We believe the power of our retail network and proprietary shopper data, combined with Crisp’s ability to create and deliver premium and effective mobile ads for [consumer packaged goods] brands, puts us in a strong position as the industry rapidly shifts to digital.
“Additionally, Crisp expands and strengthens our ability to attribute media campaigns to in-store sales.”