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.
“Our expansion into the advertising-tracking arena represents the next step
in Media Metrix’ growth strategy,” asaid Tod Johnson, chairman and chief
executive officer.
“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.
