Observed Signal · Aug 29, 2023 · Funding · Source: Quo Vadis News · Impact: 3/5 · Sentiment: Negative
MediaMath Aftermath: Infillion Acquires Assets for $22M
Quo Vadis analyzes MediaMath's bankruptcy and subsequent asset sale to Infillion. The piece recalls that at auction, MediaMath’s non-goodwill value was estimated between $35M and $70M, while Digiday reported Infillion would buy the assets for $22M. Initial valuations suggested PPE at $17.5M and intangibles at $17.5M, implying zero goodwill. The article outlines Infillion's plan to invest roughly $62M (22M for assets plus 40M in working capital) and to hire about 155 staff by year three, with projected losses of approximately $445M in traffic acquisition costs and $102M in other operating expenses over three years. A simplified model implies 2028 net revenue of $124M, a 15% take rate yielding $827M gross ad spend, and $19M EBIT/NOPAT. The valuation hints at a $56M current value versus a $310M exit target under optimistic assumptions, underscoring an uphill path but potential business reboot.
bankruptcy and acquisition in AdTech; industry implications and investment dynamics
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Key Takeaways & Evidence Grounding
- Infillion acquired MediaMath assets for $22M.
- Total Infillion investment modeled at $62M (22M assets + 40M working capital).
- PPE and Intangibles valued at $17.5M each; goodwill assumed zero.
- Projected 2028 net revenue: $124M; 15% take rate implies $827M gross ad spend; EBIT $19M; NOPAT $19M.
- Valuation model shows MediaMath worth $56M now, with a $310M exit target under optimistic assumptions.
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