Global video advertising distribution business Group IMD has announced it is to merge Honeycomb an advanced SaaS video fulfilment platform with programmatic advertising capability. The combined business will provide customers across more than 100 countries with revolutionary technology that will accelerate access to addressable and programmatic video advertising across TV, online and Video on Demand (VoD).
Together, Group IMD and Honeycomb will enable the TV industry to offers advertisers advanced audience targeting, accurate data and improved overall performance already currently enjoyed by online publishers like Google and Facebook. This revolution could double TV ad spend in value from $50 billion to $100 billion in the US alone by 2030, according to predictions made by Credit Suisse.
James Carpenter Founder and CEO of Honeycomb commented “TV has always been the darling of the advertising world, but the proliferation of online advertising has made accurate targeting and measurement increasingly important. By integrating technologies to underpin targeted and trackable advertising, we’re not only able to make TV and all of its variants more accessible making budgets work harder, we can also help broadcasters and publishers create new revenue streams in the face of increasingly sophisticated competitors.”
Honeycomb was founded by James Carpenter and Richard Carter. Honeycomb’s video fulfilment platform was built to power a programmatic, data-driven future. Honeycomb works with broadcasters like Sky, ITV and Channel 4 to understand the challenges they face and create smart solutions, helping them streamline processes, manage and track ads, ensure compliance and enable full integration with content distribution networks. For more information, please visit honeycomb.tv and honeycomb.tv/broadcast
Simon Cox CEO of Group IMD added: “The exciting thing about this merger is that it’s not about sticking with the status quo — this is about driving a bigger shift in the market as a whole. By bringing these two companies together, we will have the game-changing technology, global reach and incredible team needed to transform the industry.”
Founded in 1996, Group IMD has built a global business used by thousands of media owners, agencies and production companies in over 100 countries. Group IMD launched the world’s first fully automated broadcast quality video advertising workflow platform, enabling automated quality control, real-time collaboration and fast distribution, 24/7. Group IMD is a trusted partner for global clients including Unilever, L’Oreal and Universal Pictures, and recently fulfilled the first ever digital distribution of TV commercials in Japan.
The transaction is a share swap deal which will see continued support from its investors, including Inflexion which invested in Group IMD last year and Beringea which participated in Honeycomb’s Series A funding round last year.
Eddie Harding Partner at ICON Corporate Finance said “Honeycomb has achieved significant growth of its SaaS video advertising distribution product in an incredibly short space of time, and Group IMD’s desire to merge with Honeycomb is testament to the experience, innovation and vision of Honeycomb’s Founders, James and Richard.”