Podcasting firm AudioBoom agrees £134m US deal
Global podcasting platform AudioBoom has announced plans acquire Triton Digital, a US-headquartered technology provider to the online audio industry, in a deal worth £134m.
AudioBoom, which is listed on the AIM market of the London Stock Exchange, is proposing to raise £155m through a share placing to fund the acquisition.
If the transaction goes ahead, the company plans to change its name to Triton Digital Group, with Triton president and CEO Neal Schore and executive vice president and CFO Mark Rosenbaum taking on the same roles at the enlarged group.
Robert Proctor, Audioboom's current chief executive, is expected to remain on the board as an executive director.
"Launched in 2006 and providing services in over 40 countries, the directors believe Triton to be one of the largest technology and service providers to the online audio industry," Audioboom said in a London Stock Exchange announcement.
"Triton's offering represents a broad suite of audio technology services and tools that support over-the-air, online and on-demand audio publishers.
"The directors also believe that the proposed enlarged group has the potential to be a leading global digital audio services provider to both live and on-demand publishers, with the scale and reach to capture a significant share of the revenues available within the global online audio industry as a whole."
Audioboom was founded in 2009 by entrepreneur Mark Rock to allow users to upload their own recordings and interviews.
Robert Proctor was appointed as chief executive in 2012 to transform the company into a platform for professional audio content. It now hosts thousands of podcasts including Associated Press, Drink Champs, News Roast, No Such Thing As A Fish and Westwood One.