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Singtel Advances Ad Tech Ambitions With Turn Acquisition

What made the Asian telecom giant Singtel acquire Turn for $310 million this week? The move signals the firm's ambitions in the ad-tech sector at a time when the sector is undergoing major consolidation. "On the one hand, the deal may be a good sign for the growing pool of ad tech firms now looking for exits or strategic partnerships in that it may offer evidence of a wider pool of potential suitors beyond just marketing and technology companies," the Wall Street Journal reports. Singtel acquired Amobee in 2012, which has become a subsidiary. The Journal reports that "Turn had raised $163.5 million in seven rounds of funding since it was founded in 2004, according to Crunchbase. Its 2014 financing round reportedly valued the company in the ballpark of $700 million, and the CEO was even talking about exploring an IPO in recent years." The report notes that the acquisition is a bit of a "deal" for Singtel compared to Turn's prior valuation but also a coup for Turn investors as the company's peers struggle. “'We’ve been evaluating a number of companies and felt that Turn was one that complemented our existing capabilities most. There’s very little overlap,' said Samba Natarajan, CEO of Singtel’s Group Digital Life, the unit that includes Amobee," the report said. It will be interesting to see what relationship, if any, Turn will have with Amobee.

Read the whole story at Wall Street Journal »

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