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Media and Games Invest: A Smaato acquisition

DZ

TO

Danesh Zare

Tomas Otterbeck

Redeye comments on MGI's intended acquisition of Smaato. A Smaato (smart in Japanese) acquisition in our view, as Smatoo is a well-respected and large player in the programmatic market, on top of being a profitable company with an EBITDA margin north of 30%. We see clear synergies between MGI's Media unit (Verve Group) and Smaato as Verve Group recently launched ATOM, a solution for marketers to target users in a privacy-first world, post-IDFA, and GDPR. We raise our valuation on the back of the acquisition of Smaato, as we expect MGI's Media unit to achieve margins of 25-30% by year's end.

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