Providence is investing €200 million ($223 million) in Helsinki-based Smartly.io, valuing the company at €300 million, according to people familiar with the matter. Stories is a social media feature on platforms such as Snapchat and Instagram where users can swipe through vertical videos and images. “There is a very clear need for our customers to utilize creative and media optimization capabilities across these platforms,” Mr. Ovaska said. “We’re just getting started there.”Smartly.io also plans to accelerate its expansion into the U.S., where it has about 100 employees, Mr. Ovaska said. This isn’t the first ad-tech deal for Providence, which invested around $200 million in 2017 to take a majority stake in ad measurement firm DoubleVerify.

Source: Wall Street Journal December 18, 2019 08:03 UTC