Benzinga | Jul 1, 2021 12:57PM EDT

Magnite Acquires CTV Ad Serving Platform SpringServe For $31M

* Sell-side advertising platform Magnite Inc (NASDAQ:MGNI) acquired SpringServe, an ad serving platform for connected TV (CTV), for $31 million.

* SpringServe's technology manages multiple aspects of video advertising for CTV publishers like inventory routing, customized ad experiences, and advanced podding logic.

* Tight technical integration between ad serving and programmatic capabilities reduces complexity, improves inventory management between multiple parties, enhances functionality, and can reduce costs.

* Last year, SpotX, now a Magnite subsidiary, made a minority investment in SpringServe.

* The acquisition will help Magnite meet the needs of leading CTV publishers, Magnite CEO Michael Barrett said. Additionally, Magnite's hybrid solution enables programmatic demand to compete with the publisher's direct-sold demand and optimize yield automatically.

* Magnite held $468.6 million in cash and equivalents as of March 31, 2021.

* Price action: MGNI shares traded higher by 0.85% at $34.13 in the market session on the last check Thursday.