Matomy Media Group, which provides data-focused ad services for mobile and video has just sold its mobile advertising platform Mobfox Media Advertising to Tightline Holdings in a deal worth $7.5 million.
The company originally acquired MobFox back in 2014 for $17.6 million.
In a statement, it said that the sale would allow the company to refocus its efforts on Team Internet activities. Team Internet provides domain monetisation with over 48 million parked domains and generated more than $8 million in EBITDA in H1 2018.
Liam Galin, President and CEO of Matomy admitted that the sale had been part of its plan to focus on its new strategy.
“Today we completed our strategic plan for Matomy,” he said. “As we communicated since I joined Matomy earlier this year, we have been focused on activities that generate high return in order to build value for our stakeholders. This strategic move simplifies the Matomy message and significantly raises the long-term growth and value potential of the business.”
Matomy hopes that the sale will lower operational costs, corporate overhead, but raise profitability and create higher value for Matomy’s stakeholders.
This is not the first time that the firm has reorganised. Over the last 12 months, it has axed a significant number of staff. As part of the MobFox sale, 80 employees will be let go.