December 18, 2019 / 3:47 PM / a month ago

REFILE-Providence Equity acquires majority share in Finnish adtech startup Smartly.io

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Dec 18 (Reuters) - U.S. investment firm Providence Equity Partners has acquired a majority stake in privately-held Finnish adtech startup Smartly.io in a 200 million euro ($220 million) deal, the companies said in a joint statement.

Founded in 2013, Smartly.io is a digital advertising tool that helps advertisers create, launch and iterate brand and performance advertising on Facebook, Instagram and Pinterest.

Its clients, who in total invested more than 2.5 billion euros through Smartly this year, include companies like Uber , ecommerce major eBay and sportswear maker Under Armour.

Operating Partner Laura Desmond of Providence - which says its total capital commitments top $45 billion - will take over as chairperson of the Board at Smartly.io.

The companies did not say exactly how much of Smartly.io Providence now owned.

“By partnering with Providence, Smartly.io gains invaluable strategic advisory, deep operational experience and market insight, especially in the U.S. where major Fortune 500 companies are only starting to automate their creative processes,” Smartly.io CEO and Founder Kristo Ovaska said in the statement. ($1 = 0.9073 euros) (Reporting by Tarmo Virki in Tallinn)

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