Video search engine blinkx has announced the acquisition of Prime Visibility Media Group, an online performance advertising network and digital marketing agency. This is blinkx’s second buy this year.
The two companies have entered into a definitive stock purchase agreement in which blinkx has acquired the entire issued and to be issued shares of common stock and the entire issued and to be issued shares of preferred stock of PVMG for an aggregate consideration of US$36 million (€26.6 million), to be satisfied in cash.
The acquisition will be funded through blinkx’s existing cash balances and the proceeds from a proposed placing of new ordinary shares in the company’s capital.
The PVMG network has over 600 advertisers and 350 publishers, generating 1.5 billion queries daily. Its marketing agency assists customers in developing internet marketing strategies including SEO, SEM, social media, email and mobile marketing services.
The acquisition will combine blinkx’s video search engine with PV Media’s text search platform, allowing blinkx to tap into new audiences and deliver TV-style brand advertising to them. The company has 80 employees; all will remain on board. PVMG CEO, S. Brian Mukherjee, will be joining blinkx as EVP and GM for Search and Mobile.
Having acquired Burst Media earlier this year, blinkx intends to further extend the scope of its video technology, reaching out to a large, new group of customers through PVMG’s expansive network.
