Digital Advertising technology company Fork Media has acquired Wi-Fi-based advertising network Spid Info Media Pvt Ltd for an undisclosed amount. The partnership is in line with Fork’s vision of becoming the leading player in the alternate ad inventory space and is synergistic with its vision of broadening its core offerings. Fork Media will leverage Spid’s technology for advertisers and publishers by offering the audience platform, targeting on-the-go consumers.
Fork Media is said to have shelled out between $3 Mn and $5 Mn for this acquisition. The cash and stock deal is the second by the company, which acquired ClickZoot, a performance ad network, in 2014.
Samar Verma, CEO, Fork Media, said in a statement. “With the onset of 4G, telecom players are investing in Wi-Fi infrastructure to offset the costs involved in setting up 4G. Also, the Wi-Fi ecosystem takes location targeting to the next level by delivering content to the consumer in and around a certain location and offering destination targeting. We are steering Fork Media to be more consumer-centric in our ad solutions. Therefore, this is an important link.”
“The acquisition really strengthens our mobile strategy, given that almost 80% of our consumers are now mobile-centric and we expect this acquisition to help us understand consumer patterns even more effectively,” said Verma.
Spid Info Media helps clients to reach out to audiences using Wi-Fi networks at airports, cafes, hotels, stadiums, malls and other public spaces. It has a presence in over 1,200 locations including airports and leading quick service restaurants. According to its website, the venture works with companies such as Starbucks, McDonald’s and KFC, among others.