Team Internet PLC on Tuesday said it has agreed to buy Shinez IO Ltd, an Tel Aviv-based online marketing business, for $41.8 million.

Team Internet, a London-based internet services, said it believes Shinez IO, which also has an office in the US state of Colorado, will deliver a multitude of strategic benefits. Team Internet will use a combination of cash reserves and a revolving credit facility agreement to fund the purchase.

Chief Executive Michael Riedl said: ‘Our vision is to establish a versatile platform that expertly guides internet users across diverse media landscapes (Omni-Media) and steers them towards the most effective monetisation avenues (Omni-Monetisation). The addition of Shinez’s capabilities and market reach will not only diversify our revenue streams but also accelerate our growth trajectory.’

The acquisition is expected to complete in late April or early May.

Shares in Team Internet were up 0.3% to 135.21 pence in London on Tuesday morning.

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