Media Metrix to Acquire AdRelevance
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Web measurement firm Media Metrix signed a definitive agreement to acquire AdRelevance, a provider of advertising measurement and intelligent agent ad tracking technology, in a deal valued at up to $65.7 million. The acquisition is a stock-for-stock transaction valued at approximately $59.4 million, with additional shares of Media Metrix (MMXI) common stock having a value of approximately $6.3 million, issued when AdRelevance attains certain post-closing goals.
Media Metrix was trading at $59.60 in midafternoon, after opening at $60.50.
The AdRelevance Ad Reporting Service systematically scours commercial sites on the Web searching for and capturing for analysis detailed data about advertising banners, promotions, sponsorships, text links and rich media. Clients can query the AdRelevance database and generate Web-based reports on demand.
The acquisition will add depth to the Media Metrix product line by offering data on ad spending, placement, creative and competitive online advertising market share.
"The acquisition of AdRelevance extends our coverage to include the tracking of advertising placement and creative, along with Internet audiences, e-commerce and technology."
Founded in 1998, AdRelevance will become a wholly owned subsidiary of Media Metrix and Will Hodgman will stay on as president and chief executive officer.
Media Metrix also announced its intention to file a registration statement with the Securities and Exchange Commission for the offering of approximately 3 million shares of common stock, of which approximately 1 to 1.5 million shares will be offered by the company, and the remainder will be offered by selling stockholders.