Cathay-backed Smart AdServer buys LiquidM

The acquisition was financed using cash from the company's balance sheet.

The deal was sourced via Smart AdServer's management network and knowledge of the advertising technology sector, according to a source familiar with the situation.

Smart AdServer plans to integrate LiquidM's technology into its platform to broaden its product offering for publishers, according to a statement.

Previous funding
Cathay bought Smart AdServer in February 2015 from the Aufeminin group for €37m, equivalent to a multiple of 10.2x EBITDA. The GP invested from Cathay Midcap Growth Fund III, which held a final close in September 2014 on its hard-cap of €500m after six months on the road.

Company
LiquidM is a global demand-side platform for publishers that enables them to manage their advertising campaigns, giving them access to supply-side advertising platforms, and providing tools to target their audience and manage their ad formats.

The company has a headcount of 23 and reports revenues of more than €10m. It was founded in 2013 and is based in Berlin.

People
Smart AdServer – Arnaud Créput (CEO).
LiquidM – Philipp Simon, Thomas Hille (managing partners).

Advisers
Acquirer – Clipperton (corporate finance); Roedl & Partner (legal); De Pardieu Brocas Maffei (legal).

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