DoubleClick has purchased rich media ad firm Tangozebra for £15m, and plans to merge both firms’ European activities.
Tangozebra’s majority shareholder Media Square seems to have been behind the sale, in what looks like a debt-reducing move. Media Square will bag more than £11m from the divestment, which will lower its debt to less than £20m.
The new owner will integrate Tangozebra’s tools with its own to help clients manage a range of ad formats.
The acquisition will help DoubleClick strengthen its hand in Europe. The enlarged company will have a headcount of around 250 across Europe, The Middle East and Africa.
Tangozebra’s recorded a pre-tax profit of £244,000 for the year to 28 February 2006.