VEON Acquires Russian AdTech Platform OTM For Undisclosed Sum - VEON (NASDAQ:VEON)

Connectivity and internet services provider VEON Ltd (NASDAQ:VEON) has acquired a majority stake in OTM, a technology platform for automating and planning online advertising purchases in Russia.
The financial terms of the transaction remain undisclosed.
The arrangement will significantly strengthen Beeline's position in the AdTech market and enable VEON to expand OTM's operations into other markets served by VEON's mobile operators.
The acquisition builds on VEON's ongoing transformation into a digital operator.
OTM will remain a separate operating company as part of the VEON Group, managed by its current management team.
This transaction will boost AdTech services provided by Beeline Russia, and provide a platform for VEON's expansion into the market through its other digital operators, VEON CEO Kaan Terzioglu stated. The digital advertising market in Russia is forecasted to grow from $4 billion to $6 billion in five years, Terzioglu added.
VEON held $1.2 billion in cash and equivalents as of Mar. 31, 2021.
Price action: VEON shares traded higher by 1.18% at $1.72 in the premarket session on the last check Wednesday.

To add Benzinga News as your preferred source on Google, click here.