After a strong quarter, AOL is acquiring Adap.tv for $405 million.
AOL shares are up 5% on news of the acquisition, which will put Adap.tv‘s 200 employees under the AOL banner. Adap.tv is backed by Bessemer Venture Partners, Gemini Israel Funds, Redpoint Ventures and Spark Capital and based in San Mateo, Calif. The video platform company is expected to work as a piece of AOL’s video operation, boosted in recent years by its Huffington Post acquisition.
“AOL takes a major step forward today with another quarter of growth and our agreement to acquire the Adap.tv video marketplace platform that will make AOL a clear global leader in the most important growth segment in our industry – online video,” AOL’s chairman and CEO, Tim Armstrong, said in a statement.
Read more about it at The Wrap.
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