Black Billionaire Robert Smith Acquires Majority Stake of Ad-Tech Giant TripleLift Last year, TripleLift handled over 40 trillion ad transactions with placements across desktop, mobile, and connected television.
This story originally appeared on Black Enterprise
Billionaire Robert Smith is expanding his investment portfolio to include a massive majority stake ownership of the online advertising platform TripleLift.
A Wednesday press release announced the ad-tech leader's $1.4 billion investment from Smith's global investment firm, Vista Equity Partners, Moguldom reports.
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"We have developed into a leader in the advertising technology space and are excited about our next chapter," Eric Berry, co-founder and CEO of TripleLift said in the statement. "When looking for an investment partner, we placed a premium on a deep understanding of ad tech and a willingness to lean into developing our portfolio of innovative, high-growth products. Vista is that partner."
Smith became a trending topic in 2019 when he pledged to cover $34 million in student loan debt for the entire graduating class of Morehouse College. With a $6 billion net worth, as noted by Forbes, Smith's Vista Equity Partners has over $50 billion in assets and is regarded as one of the best-performing private equity firms.
"Vista is pleased to partner with TripleLift and we have a tremendous runway for growth," said Rod Aliabadi, Managing Director at Vista Equity Partners. "We look forward to continued market leadership in programmatic, further catalyzing our opportunity in CTV and building upon our expansion into priority international markets across Europe and Asia."
Just last year, TripleLift handled over 40 trillion ad transactions with placements across desktop, mobile, and connected television, the statement says. The ad-tech company was founded in 2012 by Ari Lewine.
"TripleLift is a next generation ad tech company that has successfully identified and developed multiple new markets since its inception," said Michael Fosnaugh, Co-Head of the Vista Flagship Fund and Senior Managing Director. "In each case, they have created unique value to an entire ecosystem of companies, including brands, publishers, and partners, and we are thrilled to be working with Eric and the team to further scale their business."
