Ad technology company the Rubicon Project has purchased the ad technology platform Fox Audience Network (FAN) from News Corporation.
As a result of the deal, News Corp will acquire a minority stake in the Rubicon Project. The acquisition will enable the company to enhance its ad platform offerings to online publishers. More than 100 FAN employees, the majority from engineering and product teams will join the Rubicon Project.
The Rubicon Project also gained additional investment from News Corp and other investors including Clearstone, Venture Partners and NBC Universal’s Peacock Equity Fund, worth $18m.
In addition to the acquisition, it was also announced that the company reached profitability in October ahead of targets and separate to the FAN acquisition. As a result, and following a successful year of international growth, the Rubicon Project expect to generate revenue of more than $100m this year.
“The addition of FAN’s technology assets positions us to provide a complete platform 18-24 months ahead of schedule. Combining the technology with our market share and financial strength – we now have everything we need to successfully execute our vision.” said Frank Addante, chief executive and founder of the Rubicon Project.