Seattle-area startup iSpot is beefing up its technology platform that measures TV advertisement performance with the acquisition of Los Angeles-based Ace Metrix.
The two companies are similar, both offering software to help brands figure out the effectiveness of their TV ads. Ace Metrix focuses on analyzing consumer sentiment before and after an ad first airs.
“The integration of Ace into the iSpot ecosystem creates an ad measurement machine unlike anything out there today, ” Peter Daboll, CEO of Ace Metrix, said in a statement.
Terms of the deal were not disclosed.
Ace Metrix had raised more than $20 million since launching in 2007. Daboll will join iSpot as chief strategy officer. Ace Metrix will add 45 employees to iSpot’s headcount, which will increase to 240.
Founded in 2012, iSpot now helps more than 500 brands measure TV advertising across various viewing formats in real time. The company raised a $30 million round in 2018 and has reeled in $57 million to date.
The pandemic caused some brands to cut their advertising budgets, creating a headwind for a company such as iSpot. But CEO Sean Muller also called out some encouraging trends. He said companies are looking for more flexible and real-time options for TV ad measurement with compressed decision cycles and larger economic uncertainty, in addition to the disruption occurring in the TV industry.
iSpot plans to grow revenue by 50% in 2021 and increase investments in its technology while adding more employees.