European broadcast firm RTL Group said it’s buying the rest of Colorado online-video-ad technology business SpotX that it doesn’t own.
In 2014, RTL bought two-thirds of SpotX in a $144 million deal. Today, RTL said it’s buying the rest of SpotX for $145 million in a deal that values SpotX at $404 million.
After the deal, RTL said SpotX co-founders Mike Shehan, CEO, and Steve Swoboda, COO/CFO, will stay on with the company.
“Since RTL Group made its first investment in 2014, SpotX has nearly doubled net revenues, almost quadrupled EBITDA, opened seven offices in seven countries, and added over 150 new employees,” the companies said.
“RTL Group’s investment will help extend our footprint in TV as we bring together the TV and digital video worlds,” Shehan said in a statement.
The deal is expected to see SpotX work more closely with RTL’s Smartclip asset.
Last year, the Denver Business Journal reported SpotX employs 180 people in Westminster, with another 120 employees in offices in New York, San Francisco, London, Hamburg. Amsterdam, Syndey and Singapore.