Ascential PLC on Tuesday said it is increasing its minority stake in Hudson MX Inc, a US provider of software-as-a-service media buying & media accounting solutions.
Ascential, a London-based business-to-business media and events firm, said it received $30 million from MT II Holdings LP, the investor who led a new financing round to become a majority stakeholder in Hudson MX.
Ascential, said it now holds 36.5% in Hudson, with MT II Holdings owning 51%. Hudson management team members and existing shareholders hold the remaining 12.5%.
Ascential added it has agreed arrangements that put it on a potential path to own a majority stake in Hudson in the future, including granting a put option to MT II Holdings between April 2024 and the end of 2025. Ascential would pay a maximum of $52 million, which would result in the company holding a 79% interest in Hudson.
Chief Executive Officer Duncan Painter said: ‘This new investment is an important validation that it has made strong progress. We are encouraged that Hudson is on a pathway to revenue growth and profitability.’
Ascential shares were 0.8% higher at 274.00 pence each in London on Tuesday morning.
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