Amobee buys Turn amid flurry of adtech acquisitions
April 12, 2017
Marketing tech company Amobee has finalized the purchase of fellow Bay Area company Turn for $310 million, less than half of the $710 million valuation reached by the provider of a demand-side marketing platform with its Series E round in 2014. Turn launched in 2004 and had raised $153 million before the acquisition from backers including Shasta Ventures and Norwest Venture Partners. Amobee, meanwhile, was founded in 2005 and raised roughly $77 million in venture funding before being acquired by telecom company Singtel (SI: Z74) for $321 million in 2012.
Turn is the latest in a string of VC-backed adtech companies to be acquired in the US since the beginning of the year. Eleven companies in the industry were snapped up in the first quarter of 2017, according to PitchBook data, which represents a significant jump up from the past four quarters. Throughout 2016, deal count held steady at an average of six deals per quarter. The bump in acquisitions reflects growing consolidation in the adtech industry—a trend we’re keeping our eye on.