Web traffic measurement firm Media Metrix Inc has struck a deal to acquire AdRelevance Inc for up to $65m. Seattle-based AdRelevance tracks and measures online advertising and provides clients with data on ad spending, placement and competitive market share. Media Metrix says the combined data from both companies would help it provide a better understanding of the internet marketplace to advertisers, agencies, media organizations, financial analysts and the like.
The deal, which is expected to close soon, will see New York- based Media Metrix hand over stock valued at roughly $59.4m. AdRelevance can earn an additional $6.3m in shares if it achieves certain undisclosed financial goals after the deal closes. AdRelevance will become a wholly-owned subsidiary of Media Metrix, with Will Hodgman staying on as its president and CEO. Otherwise, each company’s management and reporting structure will not change. In addition, each will maintain its headquarters and the two will share additional sales and service offices in Atlanta, San Francisco and Uniondale, New York.
Separately, Media Metrix said it will file a registration statement with the Securities and Exchange Commission for an offering of roughly three million shares of common stock, with one to 1.5 million to be sold by the company and the rest by existing stockholders. Media Metrix shares gained $2.3125 Thursday to close at $61.375 after dipping $2.4375 Wednesday.
