Maven Secures Acquisition Funding
Group media platform Maven signed a definitive agreement and raised funding to acquire Say Media’s assets, which include enterprise advertising and tech platform partnerships with over 125 digital media brands.
Maven also announced a convertible preferred stock financing round with net cash proceeds of $13 million (at a price of $0.33 cents per share of common stock on an as-converted basis) to be used to complete the Say Media asset purchase, the HubPages merger, and provide working capital. Both the Say Media asset purchase and HubPages merger are scheduled to close, with operations consolidating, during August 2018. The preferred stock funding was led by investments from B. Riley FBR and Maven CEO and founder James Heckman.
The consolidation of Say Media, Maven, and HubPages into the Maven brand is anticipated to result in 100 million monthly visitors and 300 professional publishers.