Sell-side ad-tech platforms Telaria and Rubicon Project -- which completed a merger back in April -- now have a new corporate name: Magnite.
The two companies closed their merger three months ago in a stock-for-stock agreement.
Michael Barrett, former CEO of Rubicon Project, is president/CEO of Magnite.
Barrett has said the name is an effort to reference the idea around “magnetism” and the association of a mineral of a similar name. Magnetite is a rock mineral -- one of the most magnetic of all the naturally occurring minerals.
The merger brings together Telaria’s strong connected TV and video management operations with Rubicon’s big programmatic desktop/mobile advertising.
Magnite claims to be the largest independent sell-side ad-tech platform (SSP).
In the most recent first-quarter reporting period, Rubicon Project’s revenue grew 12% to $36.3 million, while Telaria's revenue was 11% higher to $15.1 million. Key piece of this growth: Telaria witnessed a 74% gain in connected TV revenue to $9.1 million.
During the 12-month period ending September 30, 2019, Telaria and Rubicon Project’s revenue was up 32% to $217 million, compared with the same period of the prior year.
The companies said the merger would result in cost synergies of $15 million to $20 million.