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Venture-backed Boston online video ad startup ScanScout Inc. has been acquired by a New York competitor, the companies announced in a press release today. The acquisition by Tremor Media sets up the largest network for serving ads in online video, the companies said. Terms of the deal were not disclosed.
ScanScout had raised about $22 million from venture investors including General Catalyst Partners of Cambridge and EDB Investments of Singapore. The latest round was an $8.5 million Series B that funded the company’s expansion to a new Singapore office.
The merger with much deeper-pocketed Tremor – also a venture-backed company, with $82 million raised to date – will preserve Boston as the merged company’s technology hub, executives at both companies said. Sales and marketing functions will be concentrated in New York. ScanScout founders Steven Lee and Waikit Lau will remain with the company.
The merged company, which will be known as Tremor Media, is likely to increase its Boston footprint, said ScanScout CEO Bill Day. “We have pretty aggressive plans,” he said. “The beauty of video is the market has been growing sequentially at about a 50-percent year-over-year rate.”
Day will become CEO with the merger, while Tremor CEO Jason Glickman will be executive chairman. The two companies are regarded as complementary, because ScanScout’s technology is aimed primarily at advertisers, while Tremor’s is aimed at publishers.
Glickman said the combined company becomes the largest player in online ad buying. “It will be us and really Hulu as the must-buys in online video,” he said.
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