Score another exit for technology veteran Jeff Zwelling. Los Angeles-based online advertising attribution technology developer Convertro has been acquired by AOL, in a deal worth approximately $101M. According to AOL late Tuesday, it will pay $89M in cash plus approximately $2M in converted stock awards and $10M in earn out for Convertro, which develops software used for helping brands and agencies measure the return on their advertising spending on both online and offline media channels. AOL said the deal will help to bolster its programmatic advertising platforms. Convertro had only raised around $10M in funding, from such investors as Bessemer Venture Partners and DAG Ventures. Founder and CEO Zwelling has a number of other successes already under his belt, including founding EchoSign (which he sold to Adobe) and YLighting (sold to a private equity firm).
Top NewsWednesday, May 7, 2014
Convertro Acquired By AOL For $101M