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Libsyn announced they closed their acquisition of AdvertiseCast at $30 Million with $18 million paid in cash; $10 million in newly issued Libsyn shares; and $2 million in an earn-out subject to the terms and conditions of the purchase agreement.
Libsyn President Laurie Sims stated, “We believe AdvertiseCast, a market leader in podcast advertising, is a perfect fit with Libsyn’s strategy to provide independent podcasters robust tools. In addition to host-read and programmatic advertising, we have identified even more synergies between our respective customer bases that will create additional upside for strong monetization solutions.”
She also commented on Libsyn and AdvertiseCasts presentation at the IAB Podcast Upfronts saying, “It is clear from the reception we received that advertisers are enthusiastic about our combined customer bases. These synergies will create additional upside to attract advertisers to our platform.”
AdvertiseCast Co-Founders Trevr Smithlin and Dave Hanley who will stay on as Chief Innovation Officer and Chief Revenue Officer, respectively commented, “Our partnership with Libsyn will help accelerate our growth throughout the marketplace. In working with Laurie and her team since we announced the transaction, we have found a group of dedicated people who are extremely motivated to solidify Libsyn’s position as a market leader in the podcasting space including the rapidly-growing advertising market."
Libsyn also announced that they closed on a $25 million private placement led by pre-existing shareholder Camac Partners, LLC, new shareholder Hudson Executive Capital, LP, and several other unnamed new and existing investors.