Speqta’s acquisition of BrightBid has today been completed
Speqta AB (publ) (“Speqta” or the “Company”) announced on 7 June 2023 that the Company has entered into an agreement with the owners of Brightbid AB (“BrightBid”), a leading player in AI-based search advertising, to acquire 100 per cent of the shares and outstanding warrants in BrightBid (the “Transaction” or the “Acquisition”). The closing of the Transaction has taken place today and the Acquisition has been paid for through an issue in kind of 17,621,411 new shares in Speqta to the sellers of BrightBid (the “Consideration Shares”), corresponding to approximately 72 per cent of the total number of shares in Speqta on a fully diluted basis.
Through the Acquisition, Speqta expands its SaaS business and receives 25 times higher revenues, totalling approximately SEK 48 million as of the end of March 2023. The Company’s customer group will further be expanded from only including e-retailers to also include all types of online advertisers. Through the Acquisition, optimisation of ads will be expanded from product search advertising to also include text-based search advertising. BrightBid has about 420 customers worldwide, and works to optimise its customers’ investments in online advertising. BrightBid has an established business with a focus on B2B customers, which complements Bidbrain's focus on B2C customers. BrightBid has a proven sales and marketing process and has expanded geographically to four different offices, located in Stockholm, Oslo, Copenhagen, and London.
The closing of the Transaction has taken place today and the Acquisition has been paid for through an issue in kind of 17,621,411 new shares in Speqta, corresponding to approximately 72 per cent of the total number of shares in Speqta on a fully diluted basis. The issue of the Consideration Shares was resolved on at the extraordinary general meeting on 26 June 2023 and results in an increase of the number of outstanding shares and votes in the Company from 6,591,772 shares and votes to 24,213,183 shares and votes. The share capital of the Company has increased by approximately SEK 88,107,062, from approximately SEK 32,958,862 to approximately SEK 121,065,924.
The Transaction is in line with Speqta's previously communicated strategy based on developing and offering AI-technology-supported tools for advertising. Through the Acquisition, Speqta broadens its target group from only the customer group e-retailers, to also include all types of online advertisers. The number of advertising channels is also expanded from Google to include Bing. The Company's offering is also expected to include other channels in the future.
The information was submitted for publication, through the agency of the contact person set out below, on 3 July 2023 at 12:00 CEST.
For further information:
Fredrik Lindros
CEO Speqta AB (publ)
+46 723 10 66 66
About Speqta
Speqta is an Adtech company that offers traffic generating services in eCommerce using data and AI. The company has two services: The Affiliate network Shopello and the SaaS service Bidbrain, and is listed on Nasdaq First North Premier Growth Market in Stockholm under the ticker "SPEQT". Redeye AB is the company’s Certified Adviser.
www.speqta.com
About BrightBid
BrightBid is an adtech company that offers AI-based SaaS service to create clear results and value for its customers in search advertising.
www.BrightBid.ai