Mobile payments company Bango has placed 2.7 million ordinary shares on sale, in order to raise £5m to fund Audiens acquisition.
Bango CEO Ray Anderson and Bango CMO Anil Malhotra will buy £20,000 of new shares in Bango.
Alongside the shares sale, Bango has acquired 98 per cent of Audiens SRL, which is the data management subsidiary of Digitouch. The remaining shares will be held by Adudiens co-founder Marko Maras.
Bango will immediately provide £1.3m in cash to acquire Audiens and will then pay the remaining £0.55m to Digitouch, over the next 12 months.
Bango is a mobile payments platform that enables transactions and is used for buying apps, games, videos, music and other content on smartphones. The company is currently partnered with companies including Amazon, Google, Samsung, and Microsoft.
Audiens is a cloud-based data solution that collects and analyses data, build customised audience segments for advertisers.
This acquisition has been made to enable Bango to meet the demand for its data and increase its offerings to the mobile advertising market.
Through the combined platform, mobile operators will be able to offer advertisers with valuable data. Merchants that use the Bango platform to process payments will be able to better target advertising efforts.
Bango CEO Ray Anderson said, “Mobile operators are eager to find new ways to improve their monetization of data – in ways that respect user privacy and comply with regulations. Merchants want to grow sales faster and reach new customers more efficiently. The combined platform will provide customer insights to merchants, advertising partners, and mobile network operators, to drive consumer engagement and revenue.”
Several payments companies have raised capital this week, with iPad POS solution bagged a $5.1m Series A funding round led by Vertex Ventures. The company provides SMBs with a platform for iPads to process payments, manage inventory and get business analytics.
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