AcuityAds IPO Aims for $50m Proceeds

Ad targeting tech firm AcuityAds has announced its initial public offering (IPO) in the US, and offering in Canada, at a price of $10.15 per share, with the aim of raising gross proceeds of $50m.

The firm, which is headquartered in Toronto with sales offices across the US, Europe and Latin America, helps clients target audiences via mobile, social media, display and video ads. Its journey automation technology, illumin, offers planning, buying, and real-time intelligence, and with proprietary artificial intelligence, the platform delivers programmatic capabilities. In 2017, AcuityAds acquired analytics specialist Visible Measures Corporation for around $10m.

Yesterday, the company's common shares began trading on the Nasdaq under the symbol ATY and will continue to trade on the Toronto Stock Exchange under the symbol AT. The offering is expected to close on June 14, subject to customary closing conditions, and net proceeds will be used to strengthen AcuityAds' financial position and allow it to pursue growth strategies.

Founders Tal Hayek, Joe Ontman, and Rachel Kapcan could sell up to 15,000 common shares per month over a twelve-year period.

Web site: www.acuityads.com .