PlayAd Media Group acquires Flow Network, strengthens Nordic position in online video.
The transaction, which has the financial details undisclosed, is strengthening PlayAd's position as an independent media company in online video in the Nordic region. The acquisition takes place through a directed new issue, after which Flow Networks owners become partner in PlayAd Media Group International.
Flow Network, based in Stockholm, founded in 2014 and led by CEO Mikael Benckert, provides technology and content to the local magazines. The company is backed by a range of local investors including Brita Sohlberg, Harald Mix, Michael Werner, NTM and Staffan Samuelsson, which placed funds of more than $3M.
PlayAd, founded in 2004 by Tom Sundvik, Patrik Andrén and Fredrik Grahn and led by CEO Mats Ståhl, is a technology-driven digital media company that offers advertisers, publishers and content providers a complete solution in the online video cross screen in the Nordic region. Through its network of local publicists, editorial video material is distributed and syndicated alongside custom-designed commercial video experiences. The company has been running the online video channel YouPlay since 2013, and today there are over 200 publishers and sites connected to the Swedish network.