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Millennial Media finalizes acquisition of Boston tech firm Nexage
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- Sarah Gantz
- Reporter- Baltimore Business Journal
- Email | Twitter
Millennial Media has finalized its acquisition of Boston tech firm Nexage.
The Baltimore mobile advertising firm in September announced plans to acquire Nexage in a cash and stock deal worth $107.5 million. Nexage will be valuable to Millennial (NYSE: MM) as the company builds out its mobile ad exchange in an effort to set itself apart from competitors and work toward profitability.
"The entire industry is facing a programmatic shift," Millennial CEO Michael Barrett said in a statement. "Advertisers and publishers are moving toward automated channels to buy and sell measurable media, and Millennial Media is uniquely positioned to help them succeed."
Nexage specializes in real-time bidding technology, which it used to automate mobile advertising buying an selling. Millennial sees this technology as essential to its "platform" business, which is a marketplace for buying and selling ads. Nexage will become the core piece of Millennial's platform business, led by President of Platforms Matt Gillis.
Former Nexage CEO Ernie Cormier will join Millennial's board of directors.
Nexage is Millennial's second acquisition. The company acquired Boston-based Jumptap in 2013.
Sarah covers health care, higher education, biotech and technology.
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