Combination to Provide Second Major Revenue Stream, Digital Advertising and Location-Based Technology for the Cannabis Vertical, with Significant Streaming Video Synergies
SITO Mobile Ltd. an insights-driven Consumer Behavior and Location Sciences™ company, andMediaJel, Inc. (“MediaJel”), a leading provider of advertising and marketing solutions for the cannabis industry, tannounced that they have entered into a definitive agreement pursuant to which SITO will acquire 100% of the equity interests of MediaJel.
MediaJel provides state-of-the-art advertising solutions for the digitally converged world, helping brands conquer and identify fragmentation created by today’s consumers researching buying decisions on multiple fixed and mobile devices. MediaJel helps brands influence decision-making at the individual level – not the device level – and converge multiple identities to minimize waste, maximize spend and significantly increase conversion rates. MediaJel’s primary focus is on the cannabis industry, a business vertical primed for TV advertising. While the Federal Communications Commission (FCC) prohibits cannabis advertisements on network and cable television, such restrictions do not impact over-the-top (OTT) streaming, the fastest growing segment of the video industry.
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“We feel extremely fortunate in acquiring the leadership and proven talent in MediaJel, especially Jake Litke, who is a highly regarded visionary leader within the mobile and advertising industry and who founded and served as CEO of Media Cannon, a mobile advertising company that he sold in 2010″, said Tom Pallack, CEO of SITO Mobile. “We believe the combination of our two companies will provide for highly significant sales growth and product development in a rapid time frame. MediaJel brings the added business dimension to our world-class patent portfolio in streaming media as well.”
“The proposed combination represents a transformative event that will allow MediaJel to achieve the next level of corporate growth as we continue to incorporate critical services into the MediaJel brand,” said Jake Litke, CEO and co-founder of MediaJel. “SITO has an extensive intellectual property library, its sales team is impeccable, and its vendors and clients are strategically positioned to accelerate growth patterns between the two brands. Together, we have significant synergies, particularly in the areas of video streaming and digital advertising, creating a powerful and exciting combination.”
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“This is the ideal transaction to propel SITO forward, leveraging our technology and expertise in location-based targeting and combining our streaming video assets to reach nearly untapped and rapidly growing markets,” said Tom Candelaria, EVP of Corporate Development for SITO. “Together, the new MediaJel will bring unrivaled technology and modern approaches tailored for brands looking to reach today’s mobile consumers.”
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