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Follow on Google News | Bird & Bird advises blinkx plc on acquisitionBird & Bird today announces that its Corporate team has advised AIM listed blinkx plc on both its acquisition of Rhythm NewMedia Inc. and on a placing of new shares by the company.
By: Bird & Bird Bird & Bird advises blinkx plc on acquisition Bird & Bird today announces that its Corporate team has advised AIM listed blinkx plc on both its acquisition of Rhythm NewMedia Inc. and on a placing of new shares by the company. blinkx is an internet media platform that connects digital consumers with advertisers. Its technology uses speech, text and image analysis to understand the content and context of videos, allowing consumers to generate relevant search results and allowing advertisers to target advertising more efficiently. A team led by London partner, Richard Eaton, has advised on the US$65million acquisition of Rhythm NewMedia Inc., a leading mobile video advertising technology platform focused exclusively on smartphones and tablets based in the Bay Area. This acquisition gives blinkx the ability to expand its digital video expertise to the mobile sector. The consideration for the acquisition is a mixture of cash and shares. Alongside signing the acquisition, blinkx announced a placing of new shares to raise US$64million. This was done by the issue of 20,000,000 shares at £1.95 each, representing only a slight discount to the closing price of £1.98 on the day that the placing was announcement. Citi and Numis acted as the joint bookrunners on the placing, which was structured using a Jersey cashbox company. Richard Eaton, partner, Bird & Bird said: "This year has seen a significant increase in funds raised on AIM, which shows that the market for top quality equity is recovering strongly. We have also seen this trend reflected in the work we are being asked to undertake by clients, the placing by blinkx was the eighth significant mandate for equity issues completed by the London Corporate team in the last sixth months, which together had a value of nearly half a billion US dollars" Brian Mukherjee, CEO, blinkx said: "Bird & Bird has been a trusted blinkx partner for many years. They were an obvious and natural a fit to help us execute on the next stage of the company's development and growth strategy. Richard Eaton and his team's expertise in dealing with AIM was evident in the quality and depth of advice the team was able to provide in the speed with which we were able to complete the transaction" The Bird & Bird team was also comprised of Clare Barker, Ciara Thompson, Sarah Parish and Tom Mintern. - Ends - For more information please contact: Lizzie Hannaway Tel: + 44 (0)20 7982 6484 Email: elizabeth.hannaway@ Follow us on Twitter @twobirds (http://www.twitter.com/ About Bird & Bird LLP Bird & Bird LLP is an international law firm, with a rare and invaluable grasp of strategic commercial issues. We combine exceptional legal expertise with deep industry knowledge and refreshingly creative thinking, to help clients achieve their commercial goals. We have over 1000 lawyers in 25 offices across Europe, the Middle East and Asia, as well as close ties with firms in other parts of the world. If you want to find out more, visit www.twobirds.com. About blinkx plc blinkx is the Internet Media platform powered by CORE (http://www.blinkx.com/ Through its flagship site, blinkx.com, blinkx pioneered video search on the Internet, developing an engine based on technology that was conceived at Cambridge University, enhanced by $150M in R&D over 15 years, and is now protected by 111 patents. Today, blinkx has an index of over 35 million hours of searchable video and more than 1100 media partnerships, including national broadcasters, commercial media giants, and private video libraries. In addition, blinkx powers video search for many of the world's most frequented sites, including AOL and Lycos. blinkx continues to pioneer innovative approaches to digital video distribution, expanding into mobile video and Connected TV through partnerships with Samsung, Sony, Roku and other industry leaders. In 2011, blinkx acquired Burst Media and PVMG, well-established online media companies that represent top independent Web publishers, and began providing video solutions to their partners. In 2013, blinkx acquired Grab Media, a leading online video content syndication and advertising platform, enabling the company to add incremental audience and augment its relationship with advertisers, publishers and content providers. Today, blinkx has a combined reach of 75% of the online audience in the United States, and measures 168 million unique users in the U.S. every month. blinkx is headquartered in San Francisco, CA and London, England. End
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