Mobile marketing software company AppLovin is jumping into the connected-TV streaming video space with a deal to acquire Wurl for $430 million.
With the acquisition, Wurl is expected to retain its brand and operate independently with its existing management team, led by Wurl co-founder and CEO Sean Doherty Sr.
The deal, announced Monday, is expected to close in the first half of 2022 subject to customary closing conditions. Of the $430 million price tag, 55% will be paid in cash and 45% will be funded through AppLovin stock.
Wurl says it interconnects more than 1,200 free, ad-supported streaming channels with distribution services in over 50 countries, reaching over 30 million users on connected TVs worldwide. The Wurl Network carries programming from partners including A+E Networks, AMC Networks, Bloomberg, BBC Studios, CNN, Reuters and Sony. Distribution partners include Amazon IMDb TV, Roku, Samsung TV Plus, Rakuten, Twitch and Vizio.
The deal comes after AppLovin acquired Twitter’s MoPub mobile app monetization division for $1.05 billion in cash last fall. AppLovin sells software to let developers to market, monetize, analyze and publish their apps. The company’s first-party content includes more than 350 apps.
“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 and co-founder of AppLovin, in announcing the deal.
Wilson Sonsini Goodrich & Rosati served as legal advisers for AppLovin, and Fenwick & West LLP acted as legal adviser for Wurl. LionTree Advisors acted as exclusive financial adviser to Wurl.