OAKLAND, Calif. — Pandora announced it has completed its acquisition of digital audio advertising technology company AdsWizz.
Continuing under founder Alexis van de Wyer’s leadership, AdsWizz will operate as a standalone subsidiary of Pandora, which paid $66.3 million in cash and 9.9 million shares of Pandora common stock for the company, according to a press release. An additional $5 million in cash is payable upon achievement of certain milestone provisions in connection with the acquisition.
Adswizz is used by iHeartRadio, Spotify, Deezer and others and “will help Pandora compete more aggressively for radio’s programmatic ad dollars,” according to Hypebot.
