Magnite Inc

Last updated
Magnite Inc.
FormerlyRubicon Project
Type Public
Nasdaq:  MGNI
IndustryInternet
Computer software
Advertising
Founded Los Angeles, California
(May 1, 2007 (2007-05-01))
Headquarters
United States  OOjs UI icon edit-ltr-progressive.svg
Area served
Worldwide
Key people
Michael Barrett, President & CEO
RevenueIncrease2.svg $468.4 Million (2021) [1]
Website www.magnite.com

Magnite Inc. (formerly Rubicon Project) is an American online advertising technology firm based in Los Angeles, California. The company was formed following a merger between Rubicon Project and Telaria in 2020.

Contents

History

Rubicon Project was founded in 2007 by Frank Addante, Craig Roah, Duc Chau and Julie Mattern, who had previously worked together at L90, an online advertising network.

By April 2009, the company had raised $33 million in venture funding led by Clearstone Venture Partners, IDG Ventures Asia and Mayfield Fund. The company also secured $8 million in venture debt from Silicon Valley Bank. [2]

In February 2014, Rubicon Project filed for an IPO [3] and went public in April 2014 opening at over $20 per share. The stock fell back to about $16 per share later in the month. [4]

In March 2014, the company was named number two on the top Ad Exchange Entities by comScore. [5]

In February 2017, the company released its president and several other top executives. [6] On March 14, 2017, CEO and founder Frank Addante stepped down from his position to take the role of chairman. The company announced Michael Barrett, previously the chief executive of mobile advertising marketplace Millennial Media and chief revenue officer at Yahoo!, would be the new chief executive. [7]

Merger with Telaria

In December 2019, Rubicon Project and Telaria announced a merger. [8] Shareholders of Telaria and Rubicon project approved the merger on March 30, 2020, and the merger was completed on April 1. [9]

While the two businesses initially fell under Rubicon Project and operated as two separate brands, [9] the company rebranded under the name Magnite in June 2020. [10] The merger made Magnite the world's largest independent omnichannel sell-side platform. [9]

Acquisition of SpotX

In February 2021, Magnite acquired SpotX from European entertainment network RTL Group for $1.17 billion in cash and stock. [11]

Previous Rubicon Project Acquisitions

In September 2009, the Rubicon Project acquired OthersOnline, an audience profiling technology company based in Seattle.

In May 2010, the company bought Site Scout, a malware detection company also based in Seattle. [12]

In October 2010, the company acquired Fox Audience Network from News Corp in return for a minority stake in the company. It also received $18 million in additional funding led by Peacock Equity, the venture division of NBC Universal.

In May 2012, the company acquired Mobsmith, a mobile technology company.

In August 2012, the company became the top-ranked online advertising company in terms of reach, with a 96.2% audience share, according to rankings provided by ComScore. This placed Rubicon ahead of Google for the first time, and also ahead of other competitors such as AOL and AT&T. [13]

In July 2013, the company expanded its executive ranks with the addition of 10 senior people. [14]

See also

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References

  1. ↑ "Magnite Reports Record Fourth Quarter 2021 Results".
  2. ↑ McMahan, Ty (April 13, 2009). "Rubicon Project To Go Shopping With $13M". Dow Jones VentureWire. Retrieved November 29, 2010.
  3. ↑ "Rubicon Project Files For $100 Million IPO — Here's A Basic Guide To Its Finances". Business Insider .
  4. ↑ Schiavo, Amanda (April 28, 2014). "Why The Rubicon Project (RUBI) Stock Is Plummeting Today".
  5. ↑ "comScore Media Metrix Ranks Top 50 U.S. Desktop Web Properties". April 2014.
  6. ↑ "Rubicon Project's President Is Among Several Executives Leaving the Company". AdWeek.com. Retrieved April 30, 2017.
  7. ↑ "Rubicon Project CEO Steps Down Following Rough Year". labusinessjournal.com. March 14, 2017. Retrieved March 14, 2017.
  8. ↑ Swant, Marty. "Rubicon Project And Telaria Are Merging To Scale Connected TV Advertising". Forbes. Retrieved 2021-01-30.
  9. 1 2 3 Sparks, Daniel (2020-04-01). "Rubicon Project and Telaria Combine, Forming the Largest Independent Sell-Side Ad Tech Company". The Motley Fool. Retrieved 2020-05-13.
  10. ↑ Chen, I-Chun (2020-06-30). "Rubicon Project rebrands as Magnite after Telaria merger". Los Angeles Business Journal. Retrieved 2020-10-14.
  11. ↑ "Magnite Acquires SpotX For An Eye-Watering $1.17 Billion". AdExchanger. 2021-02-05. Retrieved 2023-02-02.
  12. ↑ Kaplan, David (May 25, 2010). "Rubicon Project Buys Malware Monitor SiteScout". paidContent.org. Retrieved November 29, 2010.
  13. ↑ Thomas, Owen (August 9, 2012). "Rubicon Project Crushes Google On A Key Ad Metric". Business Insider. Retrieved September 29, 2012.
  14. ↑ "The Rubicon Project Expands and Deepens Its Senior Management Team". July 31, 2013.
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