Source - Alliance News

Team Internet Group PLC on Monday said it has completed its acquisition of an advertising technology specialist, in line with the company’s goal to ‘provide comprehensive online marketing solutions across the entire customer journey’.

Team Internet is a London-based internet services company, with offerings including digital advertising, domain monetisation and online brand management.

The company has now completed its acquisition of Shinez IO Ltd, a Tel Aviv-headquartered online advertising technology firm which stands ‘at the forefront of digital marketing innovation’, according to Team Internet.

Shinez has been acquired for a total enterprise value of $43.2 million, comprising a $38.9 million initial consideration and $4.3 million held in escrow to cover customary warranties.

In 2023, Shinez reported $111 million in revenue, $16.2 million in net revenue and $10.4 million in adjusted earnings before interest, tax, depreciation and amortisation.

Team Internet said that the acquisition will ‘significantly’ enhance earnings per share in its next set of annual results.

Chief Executive Officer Michael Riedl said: ‘This acquisition aligns with our broader vision to provide comprehensive online marketing solutions across the entire customer journey. We are focused on leveraging the strengths of Shinez to drive new growth opportunities and expand our revenue streams.’

Shares in Team Internet were down 0.8% at 134.69 pence each in London on Monday morning.

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