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Friday, May 20, 2022

VEON [NASDAQ: VEON] Announces Acquisition of AdTech in Russia

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VEON Ltd [NASDAQ: VEON] disclosed that it has purchased a majority stake in OTM which is a technology platform for the automation and planning of online advertising buying in Russia. OTM has also gained recognition as one of the largest independent AdTech players in Russia. It has gained a reputation both in terms of revenue and in the volume of online ad inventories handled by its platforms.

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Furthermore, it has been disclosed that the investment of VEON in OTM will substantially reinforce the position of Beeline in the AdTech market. Moreover, it also allows VEON to grow the operations of OTM into other markets provided by the mobile operators of VEON. The purchase builds on VEON’s ongoing revolution into a digital operator.

Additionally, the timing of this purchase is crucial. Currently, the whole industry is shifting into a situation where cookies are not used. Moreover, joint efforts of mobile operators and AdTech firms will drive businesses to new prospects. The purchase of the majority stake in OTM offers VEON the capabilities of a very experienced team. It also makes a strong relationship with ad agencies and advertisers.

CEO of VEON revealed that AdTech is a vital area of growth in all online communities. Hence, it is crucial to the future of mobile services. This deal will increase the AdTech services offered by Beeline Russia. It will also offer a platform for VEON’s expansion into this fast-growing market through its other digital operators.

Furthermore, the digital advertising market in Russia is projected to increase from $4 billion to $6 billion in five years. VEON is intending to be part of this market expansion.

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