DoubleClick to Acquire NetGravity
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The deal gives DoubleClick, which markets its proprietary DART (Dynamic Ad Reporting and Targeting) ad serving technology, access to NetGravity's ad serving software and other online ad targeting solutions as well as its customers.
DoubleClick said the acquisition "builds on both companies' goals to provide the broadest possible infrastructure for ad management, data solutions and media sales for Internet publishers, advertisers and merchants."
DoubleClick will issue 0.28 shares of its common stock for each share of NetGravity common stock. Based on yesterday's closing prices, the exchange ratio represents a per share price of $26.32, a 26 percent premium over NetGravity's 30-day average stock price.
The transaction is expected to be completed in the fourth quarter.
"NetGravity's strengths combined with DoubleClick's technology infrastructure and Abacus Direct's data (DoubleClick previously announced the $1 billion acquisition of Abacus, which has data on more than 2.4 billion consumer purchases) will create a company uniquely positioned to be the overall leader in targeted advertising," said Kevin O'Connor, DoubleClick's chief executive officer.
"We bring several unique strengths to the combined company, including our people, our consulting services, our software solution and a very strong West Coast and international presence," said Eric W. Spivey, NetGravity's president and chief executive officer.
NetGravity clients include Excite@Home and CNN Interactive, among others.