Abu Dhabi IHC's subsidiary acquires stake in U.S. digital media platform Firefly

Firefly is backed by investors such as Google Ventures, NFX, and Stanford University's StartX Fund

  
Investors monitor screens displaying stock information at the Abu Dhabi Securities Exchange

Investors monitor screens displaying stock information at the Abu Dhabi Securities Exchange

REUTERS/Stringer .

Multiply Marketing Consultancy, a fully-owned subsidiary of ADX-listed International Holding Company (IHC), has acquired a stake in US digital media platform, Firefly.

The deal will expand Firefly’s operations into the Middle East for the very first time through a joint-venture office based within MMC’s headquarters in Abu Dhabi, IHC said in a statement. It did not mention the size or value of the stake.

Firefly, which is backed by investors such as Google Ventures, NFX, and Stanford University’s StartX Fund, is a street-level digital media platform that connects audiences with dynamic media on taxis and rideshare vehicles.

Samia Bouazza, Chief Executive Officer of Multiply Marketing Consultancy said: “Firefly’s investment will bring more value to all advertisers seeking to personalize their messaging and hyper-target their audiences. Investments in our Communications vertical ensure that our media teams are servicing our local clients with the latest, most innovative and analytically-precise technology available on the market.”

Firefly will become part of Multiply Group’s Communications vertical, which includes global agency MMC, Viola as well as other minority stakes in companies such as Yieldmo.

Abu Dhabi Securities Exchange (ADX) listed IHC is a diversified investment holding company whose operations encompass nine verticals including real estate, healthcare, food, and agriculture. Last week it disclosed plans to list three subsidiaries on the exchange.

Last year, IHC and its subsidiaries announced several new investments, including Falcon CI IV LP, a fund that owns a stake in SpaceX, Elon Musk’s aerospace company.

(Writing by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@refinitiv.com

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