JERUSALEM (Reuters) - Israeli digital advertising firm Matomy Group MTMY.L said on Wednesday it was buying a 70 percent stake in Canada-based Avenlo, which has developed a platform for email marketing campaigns.
Matomy said the move will enhance its existing email acquisition marketing capabilities and provide its advertising clients with cross-device ad targeting and data management solutions.
Matomy said it was not required by the U.K. authorities to disclose the valuation of the deal due to its size and structure, but the Wall Street Journal reported it would likely value Avenlo at around $17.6 million.
"Data is a crucial element in performance-based advertising, and the data capabilities that Avenlo provides will assist Matomy across all of our media channels," said Matomy CEO Ofer Druker.
Under the agreement, Matomy has the option to buy the remaining 30 percent of Avenlo over the next three years.
French advertising group Publicis (PUBP.PA) bought a 20 percent stake in Matomy in October, followed by a further 4.9 percent stake in November.
Reporting by Ari Rabinovitch; Editing by Tova Cohen