Who Owns Tremor International Company?

Who owns Nexxen International?

Nexxen International Ltd., formerly Tremor International, is a significant player in the global advertising technology sector. The company underwent a rebranding in early 2024, unifying its various ad tech offerings under a single banner. This strategic move aimed to streamline its operations and enhance its market presence.

Understanding the ownership of Nexxen International is key to grasping its strategic direction and operational influences. The company's journey, from its founding to its current status as a unified ad tech entity, reflects significant shifts in its shareholder landscape.

The ownership of Nexxen International is diverse, encompassing founders, early investors, institutional shareholders, and the general public. As of March 8, 2024, the company's market capitalization was approximately $0.37 billion USD. Key to its operations is its comprehensive video advertising marketplace, which connects advertisers with publishers through programmatic platforms, including its Tremor International BCG Matrix.

Tremor International's journey began in 2007 as Marimedia, founded by Maia Shiran and Ariel Cababie in Tel Aviv-Yafo, Israel. Their initial focus was on digital advertising monetization, launching their core technology platform, Ad$Gadget, in 2011, which was later rebranded as Qadabra. This platform served as a crucial interface for both buyers and sellers in the online advertising space.

Founding Vision

Maia Shiran and Ariel Cababie established the company in 2007 with a focus on digital advertising monetization.

Early Technology

The initial technology platform, Ad$Gadget, was launched in 2011 and later became known as Qadabra.

Key Acquisition

The company acquired Taptica, a mobile advertising technology firm, in October 2014 for $13.6 million.

Rebranding

Following the Taptica acquisition, Marimedia rebranded to Taptica in May 2015, shifting its focus entirely to Taptica's operations.

Leadership Transition

Hagai Tal became the chief executive officer in December 2013, following an earlier acquisition of a significant stake in the company.

Public Listing

The company raised £17.9 million through its listing on AIM in London in May 2014, which helped fund the Taptica acquisition.

A pivotal moment in the company's early ownership structure occurred in November 2010 when Hagai Tal and Ehud Levy collectively acquired 50% of the business. Ehud Levy's involvement was notable as he was already a director and investor in Taptica, a mobile advertising technology company that would later become central to the rebranded entity. This strategic acquisition and subsequent rebranding marked a significant evolution in the company's trajectory, aligning its identity with its future operational focus. Understanding this early ownership history is key to grasping the Mission, Vision & Core Values of Tremor International.

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The ownership structure of Tremor International, now Nexxen International, has undergone significant transformations driven by strategic acquisitions and its public market presence. Key milestones include rebranding from Marimedia to Taptica in 2015, followed by a merger with RhythmOne in 2019, which led to the company adopting the Tremor International name. Further expansion occurred with acquisitions of Unruly in 2020 and Amobee in 2022.

Tremor International's journey to its current ownership structure involved several key strategic moves. The company's initial public offering in the United States on June 18, 2021, saw its American Depositary Shares (ADSs) begin trading on the Nasdaq Global Market under the ticker symbol 'TRMR'. This offering successfully raised aggregate gross proceeds of $128.6 million, with each ADS representing two ordinary shares. Concurrently, Tremor International's ordinary shares continued to be traded on the AIM market of the London Stock Exchange under the same ticker. Understanding the Growth Strategy of Tremor International provides context for these ownership shifts.

Share Capital and Voting Rights

As of recent filings, Tremor International's issued share capital reflects a dynamic ownership landscape. The company's investor relations website offers detailed SEC filings and annual reports for in-depth financial analysis.

• As of December 1, 2023, there were 193,764,245 ordinary shares issued.
• Of these, 145,458,063 shares held voting rights.
• 48,306,182 shares were reclassified as dormant and held in Treasury.
• By January 4, 2024, the total number of ordinary shares with voting rights increased to 145,936,583.

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As of November 2023, Nexxen International (formerly Tremor International) had a board comprising nine directors. This included six non-executive directors, with Christopher Stibbs serving as Chairman, and three executive directors, including Ofer Druker as Chief Executive Officer.

In anticipation of expanding the board's expertise, two new non-executive directors, Daniel Kerstein and Rhys Summerton, were nominated for election in late 2023. If approved, this would increase the board size to eleven members, with eight non-executive directors. All directors are subject to annual re-election. Daniel Kerstein was slated to join the Compensation Committee upon election.

Understanding Voting Power at Nexxen International

Understanding the voting power of shareholders is crucial for assessing Tremor International ownership. As of December 1, 2023, the company had 193,764,245 ordinary shares issued.

• Out of the total issued shares, 145,458,063 ordinary shares carried voting rights.
• A significant portion, 48,306,182 shares, were classified as dormant under Israeli Companies Law and held in Treasury, meaning they do not have voting rights.
• Shareholders use the number of shares with voting rights as the basis for calculating their holdings to comply with notification requirements under the FCA's Disclosure and Transparency Rules.
• There is no evidence of dual-class share structures or other mechanisms that would grant disproportionate control to specific shareholders beyond the standard one-share-one-vote principle for active shares, providing a clear picture of who owns Tremor International.

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Nexxen International Ltd., formerly Tremor International Ltd., underwent a significant rebranding on January 10, 2024, unifying its advertising technology assets under a single banner. This strategic move aimed to streamline its market presence and enhance its integrated offering across platforms like Amobee, Tremor Video, Unruly, and Spearad. The company's ordinary shares and ADSs now trade on NASDAQ and AIM under the ticker symbol 'NEXN'.

Nexxen International has demonstrated a proactive approach to capital allocation through its share repurchase programs. Between March 1, 2022, and April 25, 2024, the company repurchased approximately 27.1 million ordinary shares, which equates to 17.5% of its outstanding shares. This activity was part of a larger $165 million share repurchase program scheduled to conclude by November 1, 2024. A new $50 million repurchase program was initiated on May 7, 2024, with a similar end date. Management has indicated a willingness to consider further buybacks if share valuations remain discounted and the company continues to generate strong cash flow.

Share Repurchase Activity

Nexxen has actively bought back shares, reducing outstanding equity. This strategy aims to enhance shareholder value by returning capital. The company has repurchased over 17.5% of its shares.

Future Buyback Considerations

Management is open to further share repurchases. This depends on sustained discounted valuations and consistent cash generation. The company may launch additional programs if conditions are favorable.

Market Position and Outlook

Nexxen operates as a global advertising technology platform, with a strategic emphasis on video and Connected TV (CTV). The company added 88 new advertiser customers and 64 new supply partners in Q1 2024. This growth indicates an expanding market reach and client base.

Financial Guidance for 2024

Nexxen anticipates a strong performance in 2024, projecting contribution ex-TAC between approximately $340 million and $345 million. Adjusted EBITDA is expected to be around $100 million. The company anticipates CTV revenue acceleration in the second half of 2024, with significant political advertising revenue expected in Q4.

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