Cowen Sees HookLogic Acquisition Broadening TAM Vericals for Criteo (CRTO); Affirms at 'Outperform'
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Cowen and Company affirms Criteo (Nasdaq: CRTO) with an announced it has signed a definitive agreement to acquire HookLogic.
Analyst Thomas Champion said,
Although not cheap, the transaction looks financially digestible and should broaden the TAM into new customer verticals, add synergistic new technology, while also improving the growth profile of the business.
For CRTO, the strategic rationale for the transaction includes the following: 1) New customers: HookLogic acquisition adds several hundred customers including names like Intel, Microsoft, Google, P&G, Kraft, Dyson and Disney, some of whom are existing customers. Additionally, 2) Retail partners grow: HookLogic has an existing network of ~50 retailers, which will complement the existing publisher network (currently ~17k). 3) Product fit: across two ad units HookLogic works by allowing customers to bid on Sponsored Product ads on retailer and publisher web sites. Similar to the core retargeting solution, customers pay for clicks (CPC model), providing measurable ROI using attribution technology. Finally, 4) HookLogic appears to be growing rapidly organically and there should be a further opportunity to expand the solution by leveraging CRTO's global reach.
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