We live in a world of automation, and any tool that can help you automate a task saves you time and money. Smartly.io is one such tool that is making the news by assisting advertisers to automate their campaigns on social media platforms like Instagram, Facebook, and Pinterest. The company has been doing well and has a huge client base. As per a news published recently, it is known that Smartly.io has sold a significant stake to Providence Equity. The value of the stakes that have been sold is $223 Million (€200 million).
what is smartly.io providence equity 200mtechcrunch ?
Smartly.io was founded in 2013, and since then, the company has been helping people by automating everything related to ad campaigns. This also includes things like ad buying and ad production. The present headquarters of Smartly.io is based in Helsinki, and it has over 350 employees, and Smartly.io has offices in 16 different locations. As per the initial estimates, it was forecasted that Smartly.io would see ad spending of € 2.5 Billion through its platform. Some major advertisers that use Smartly.io include eBay, Uber, Samsonite, and Under Armour.
The valuation of Smartly.io is impressive, especially when you look at the fact that Smartly.io has not received any big funding. Until now, Smartly.io has only received $22.8 million in funding. The investors for Smartly.io included Highline Europe and Lifeline Ventures. The purpose of the deal between Smartly.io and Providence is strategic growth. It is expected that Smartly.io will benefit in terms of strategic advisory and operational experience. Smartly.io will also get access to easy capital, and it will become more scalable. So smartly.io providence equity 200mtechcrunch means Providence Equity Partners Becomes a Majority Stakeholder in Smartly.io .
During the announcement, it was also revealed that Ovaska, founder of Smartly.io, along with Tuomo Reikki, the Chief Product Officer, will continue to maintain significant ownership rights in the company. They will continue to drive the company. It was also revealed that Laura Desmond, Operating Partner at Providence, will serve as the chairperson for Smartly.io. Laura has previously served the boards of Capgemini, Adobe, and DoubleVerify.
Smartly.io will continue to lead the domain, and it will help the brand create successful ad campaigns. The new deal will certainly help Smartly.io in expanding its presence to many more locations.
