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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Adobe Inc | NASDAQ:ADBE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
9.33 | 1.96% | 485.9023 | 486.20 | 489.98 | 487.49 | 477.565 | 482.39 | 2,833,206 | 01:00:00 |
By Tess Stynes
Adobe Systems Inc. (ADBE) agreed to acquire ad technology company TubeMogul (TUBE) in a deal valued at roughly $515 million that aims to strengthen Adobe's position in digital marketing and advertising technology.
The deal, expected to close early next year, is valued at roughly $540 million, net of debt and cash.
TubeMogul holders will receive $14 a share for each share held, an 83% premium to Wednesday's close. The company's shares have been halved since April amid a shift in ad spending from desktop to mobile. The stock soared 82% to $13.98 in recent premarket trading.
Brad Rencher, Adobe's digital marketing general manager, said that with the acquisition of TubeMogul, Adobe is aiming to create a "one-stop shop" for video advertising for its marketing cloud customers.
TubeMogul's technology includes a product designed to help marketers buy web video ads aimed at specific people using automated software through direct buys with a number of well-known media companies simultaneously.
Adobe and TubeMogul share some big customers, including Allstate Corp. (ALL), Johnson & Johnson (JNJ) and Southwest Airlines Co. (LUV).
TubeMogul, which will become part of Adobe's digital marketing business, will continue to be led by its current chief executive, Brett Wilson.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
November 10, 2016 09:22 ET (14:22 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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