MediaMath, which filed for Chapter 11 protection on June 30, officially has a new home: Infillion.
The video ad tech platform’s $22 million cash bid for MediaMath’s DSP and DMP assets was approved in a Delaware bankruptcy court on Wednesday.
“We’re thrilled about our acquisition of MediaMath, and look forward to sharing more information soon,” Infillion CMO Laurel Rossi said in statement shared with AdExchanger on Thursday.
Putting aside how “thrilled” Infillion is, this deal marks a stunning fall from grace for MediaMath, which was once one of the biggest names in ad tech.
Infillion is paying a paltry 2% of MediaMath’s peak valuation of $1 billion.
But according to Rob Emrich, Infillion’s founder and executive chairman, the company expects that MediaMath will be in a position to grow under new leadership.
During Wednesday’s auction proceedings, Emrich said he believes that MediaMath’s tech stack will generate $1 billion in “inventory traffic, data fees and hosting contracts over the next five years.”
MediaMath makes sense as an addition to Infillion’s ad tech stack.
Infillion is the love child of location data company Gimbal and TrueX, a video ad tech platform specializing in interactive ad units that Gimbal acquired from Disney in 2020. Gimbal and TrueX rebranded under the name Infillion last year.
MediaMath brings a 15-year-old demand-side platform to the table, which should help flesh out Infillion’s programmatic ad tech stack.
It’s still up in the air what will happen to the $125 million in unpaid bills the now-bankrupt DSP owes its former SSP partners – especially considering Infillion may be interested in reigniting those ties, a source with knowledge of the matter told Insider.
Infillion declined to confirm with AdExchanger whether or not it may be responsible for any of MediaMath’s outstanding debts.
Either way, Infillion appears confident that it can revive MediaMath’s ad tech and begin a new chapter.
Godspeed.