• by Alex Weprin , December 6, 2017

Beachfront Media, a programmatic mobile video advertising platform, has sold a majority stake to private equity firm Growth Catalyst Partners and PSP Capital, the investment company founded by former U.S. Commerce Secretary Penny Pritzker.

The companies declined to comment on the terms of the deal.

Beachfront says it delivers billions of video advertising requests across mobile devices, desktop computers and connected TV sets. Founded in 2005, it was one of the earliest entrants into the business of programmatic advertising.

Troy Noard, managing director at PSP Capital Partners, told Digital News Daily that his company was interested in Beachfront because of the opportunities for advertising delivery in the over-the-top video and mobile video spaces.

Spending on mobile video is projected to grow from $11 billion this year to as much as $20 billion by 2020.

“We believe these innovative video formats are poised to experience significant growth over the coming years and that Beachfront’s platform is extremely well positioned to support its clients and channel partners as the digital video landscape continues to evolve,” he said.

In conjunction with the acquisition, Bill Jennings has been named CEO of Beachfront, and Rich O’Connor has been named CFO. They previously held the same roles at PageScience, which was acquired by Accent Health last year. Beachfront Media co-founder and president Frank Sinton will stay on in that role.