In a reverse takeover, podcast platform Audioboom is buying digital audio tech firm Triton Digital. Under the deal announced Tuesday morning, U.K.-based Audioboom will buy Canada's Triton Digital for $185 million. The combined company will be renamed Triton Digital Group.
Audioboom will raise around $215 million in new shares to fund the deal at a valuation well above its current market capitalization of $48.6 million.
Audioboom calls the deal “an opportunity to combine leading audio infrastructure, metrics and ad-serving companies that service the expanding global live and on-demand publisher base.” The company believes that the combo 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.”