Scottish technology company TVSquared has been acquired by Innovid as part of a cash and stock transaction valued at around $160 million.

The deal, which is expected to close by the end of Innovid’s fiscal second quarter, consists of $100 million in cash as well as additional stock considerations.

Innovid, a leader in connected TV advertising delivery, said the acquisition will help “reimagine the future” of cross-platform TV advertising and position it as a single source for ad-serving and measurement.

Commenting on the acquisition, CEO & Co-founder Zvika Netter said: “In acquiring TVSquared, we aim to provide the most complete view of the total TV and digital universe through a scalable, currency-grade measurement platform.

“Additionally, we immediately accelerate and broaden our scope globally, as brands, agencies, publishers, and broadcasters on six continents rely on TVSquared to maximise reach, identify the right audiences and drive business growth with TV.”

Founded in 2012, TVSquared is one of the largest independent global measurement and attribution platforms for converged TV (CTV).

The firm’s platform is used by thousands of advertisers globally, providing insights on audience reach and campaign effectiveness.

At present, TVSquared employs around 150 staff, with 100 based in Edinburgh.

Calum Smeaton, CEO and founder of TVSquared, commented: “Innovid and TVSquared share complementary visions to transform TV measurement through a comprehensive view of audiences across all devices and platforms worldwide.

“Joining forces establishes a cross-platform measurement solution that maps one of the largest datasets of audiences, homes, and devices, at scale, across linear, CTV, and digital video.”

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As part of the acquisition, Smeaton will step down as chief executive, taking on a strategy role to support the integration with Innovid.

President Jo Kinsella, who has been with the company almost since its inception, is expected to join the Innovid executive team, where he will report to Netter.

Kinsella said: “Together, TVSquared and Innovid are at the centre of TV’s transformation, meeting the market’s needs for a converged TV measurement alternative.”

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