Correction: A previous version of this story erroneously reported that Viant said Adelphic would have some layoffs. The company did not respond to a question from BostInno of whether it would have layoffs, only saying there would be some "efficiencies" expected related to office space, vendor contracts, infrastructure and related items.
Time Inc. announced on Monday that it is acquiring Adelphic Mobile, a Waltham-based automated advertising buying platform backed by Google's venture capital arm.
The acquisition, which is expected to close during the first quarter, is expected to boost the people-based advertising technology offered through Viant, a company Time Inc. acquired last year. Time Inc. is the publisher of more than 100 magazines, including Time, Sports Illustrated and Fortune. Financial terms of the deal were not disclosed.
Adelphic currently has around 60 employees globally, with half of them working in Waltham, Viant CMO Jon Schulz said.
"We are very excited about the talent of the Adelphic team, especially the engineering and technology group which is primarily based in Boston," Schulz said in an email. "We definitely see growth in this business through the unique combination of our capabilities and technology and the powerful proposition that offers to advertisers."
The Wall Street Journal reported that Adelphic — a mobile-first, demand-side advertising platform that reaches consumers across all screens and formats — will give Viant a self-service capability it previously did not have for agents and clients.
Founded in 2011 by Jennifer Lum and Changfeng Wang, the startup has raised about $23.3 million over three funding rounds. Investors included GV (formerly Google Ventures), Blue Chip Venture Company, Matrix Partners and Project 11 Ventures — the latter two of which are based in Boston.
“We know that in addition to premium content, advertisers are looking for more efficient buying processes for digital audiences," Time Inc. President and CEO Rich Battista said in a statement. "With Adelphic’s proven self-service capabilities, Time Inc. and Viant will be able to deliver greater programmatic competencies and benefits to our partners."
