Adaptive Media To Adopt OneScreen? Companies Sign Letter Of Intent
Supply-side platform (SSP) Adaptive Media on Wednesday announced it has signed a letter of intent with OneScreen, a B2B digital video services provider.
The exact specifics around the letter of intent are not yet known, but the two companies have entered a joint venture and are exploring "strategic opportunities," including a potential merger. The possibility of Adaptive acquiring OneScreen is still on the table. The news comes less than a week after Adaptive completed its acquisition of Ember, a real-time bidding (RTB) platform.
The letter of intent is non-binding, and any potential merger, acquisition or other joint venture will be completed on or before March 31, 2014. The company notes in a release announcing the news that "any definitive transaction will be subject to board of directors, third-party and shareholder approvals, as required."
“We intend to work diligently with OneScreen and its management team to consummate a transaction in the best interest of both companies,” stated Qayad Shareef, Adaptive's CEO. “We will keep investors apprised of developments as they unfold."
After being founded in 2009 and generating $1.1 million in reported revenue its first year, OneScreen had reported revenue of $15.8 million in 2012. The company was recently ranked number 105 on the Deloitte Technology Fast 500 list and number 321 on Inc. Magazine's Inc. 500 List of America's Fastest-Growing Private Companies.
Both companies are based in Irvine, California.