AppLovin has entered into an agreement to acquire CTV software platform Wurl for $430 million. AppLovin has traditionally been a mobile-focused company, and the acquisition of Wurl marks a transition into the connected TV market.
“The acquisition of Wurl will further our commitment to building and growing the world’s largest, most-effective digital marketing platform by providing advertisers a seamless way to tap into the highly addressable and measurable CTV market,” said Adam Foroughi, CEO of AppLovin.
Wurl provides content companies such as A+E Networks, AMC Networks, Scripps, and Bloomberg with tools to deliver free ad-supported streaming TV (FAST) channels and reach audiences through streaming. Wurl also has CTV ad performance products, Wurl AdPool and Wurl Perform.
“AppLovin brings enormous new demand from advertisers and our partnership will enable current customers to realize even more benefits including expanded ad revenue, new viewers, and enhanced distribution to global CTV audiences,” said said Sean Doherty Sr., CEO of Wurl, “Together, we’ll pursue our mission and dramatically impact the CTV market.”
Last year, AppLovin made two major acquisitions. It acquired Adjust for an undisclosed amount in February 2021, and in October it acquired MoPub for $1.05 billion. However, this acquisition represents a new move into the CTV market for the company.
The acquisition is expected to consist of 55 percent cash and 45 percent AppLovin equity. Wurl is expected to retain its management team and brand identity following the acquisition. The acquisition is expected to close in the first half of this year.