Blackstone Group Inc. said it’s taking a “significant” stake in Simpli.fi, an investment that values the advertising technology platform at about $1.5 billion.
The investment will give Blackstone and GTCR, which acquired a majority interest in the company four years ago, joint control of the Fort Worth, Texas-based company. The two private equity firms will also have equal representation on Simpli.fi’s board, they said in a joint statement.
Since the earlier acquisition, GTCR had worked with Simpli.fi’s co-founders Frost Prioleau and Paul Harrison to scale up, targeting independent agencies and local advertisers. Blackstone’s investment will allow the company to accelerate its growth and execute its acquisition strategy as the company captures more business with the shift in local media spending on digital and connected TV, according to the statement.
By Heather Perlberg
Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.