Vista Equity Partners agreed to buy a majority stake in Mediaocean, whose advertising software is used by all of the major media buying agencies.
The companies said the transaction values Mediaocean at $720 million.
Vista Equity Partners plans to invest in Mediaocean to accelerate its expansion plans and the development of new software and products that can handle a multiplatform, convergent media world.
Mediaocean CEO Bill Wise is expected to continue to run Mediaocean. Founder Michael Donovan will continue as a board member and retains the remaining equity in Mediaocean.
"Michael and Bill's combined vision and know-how have built a mission-critical and integrated platform that makes Mediaocean the best-in-industry partner for their customers to stay competitive,” Robert F. Smith, founder and CEO of Vista Equity Partners, said in a statement. “Together we can strengthen and expand Mediaocean’s existing solutions while pursuing exciting new growth opportunities in a dynamic and ever-evolving industry.”
Mediaocean’s software automates buying and selling of traditional and digital media. It is used by companies that manage more than $100 billion in global ad spending.
“Vista’s investment is the next great milestone for Mediaocean and presents a significant opportunity to continue to build on our success, and truly advance the marketplace forward,” said Wise. “Our vision has always been to provide advertisers, agencies, broadcasters and publishers with a top-tier, converged advertising ecosystem. Partnering with Vista will allow us to accelerate progress in achieving this goal, while solidifying our leadership in the industry.”