Audioboom Announces Plans to Acquire Triton Digital
Deal is worth $185 million
The radio advertising market continues to sizzle with new innovations and moves in new directions. Recently, RW reported about Entercom’s partnership with Veritone to use artificial intelligence technology for better insights into advertising metrics. Today, U.K.-based Audioboom and their larger U.S. rival Triton Digital announced plans for a merger which would make the new company a major player in the fast-growing market for radio advertising.
In financial terms, this union is known as a “reverse takeover,” a structure typically used to acquire a public company by a private company that allows the private group to avoid the action of going public itself. According to London-based City A.M., Audioboom will pay $185M for the purchase. If the deal happens, Audioboom will change its name to the Triton Digital Group.
Founded in 2009, Audioboom started out in the U.K. as platform where users could upload their own recordings and interviews. In 2012, they transitioned the company into a platform for professional audio content. Since then, Audioboom has nurtured partnerships with the BBC, Cumulus Media and India Today.
Triton made its mark by developing technology that enables advertisers to measure audience metrics for radio in the U.S. If the merger goes through, Triton’s technology would enable Audioboom to sell more ads in a market which was worth about $17.5 billion in 2016 according to the Radio Advertising Bureau.
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