San Francisco-based buyout house Insignia Capital Group has agreed to pick up a ‘significant’ minority stake in marketing tech company MediaAlpha to value the business at about $350m.
Seller White Mountains Insurance Group will remain a significant equityholder in MediaAlpha following the deal, with a 42 per cent ownership interest on a fully-diluted basis.
MediaAlpha operates exchange platforms to facilitate real-time transactions between advertisers and publishers of performance media – clicks, calls and leads.
The company has grown its insurance-related offerings to include auto, motorcycle, home, renter, health and life, as well as non-insurance verticals including travel, education, personal finance and home services.
MediaAlpha says it powers more than 200 million transactions annually, representing more than $400m in aggregate media spend.
The deal is expected to close within 60 days.
Insignia closed its debut fund at an oversubscribed $358m in 2016.
The firm has been tapping the vehicle for investments in North American lower mid-market companies in the consumer, healthcare, and business services sectors.
Copyright © 2019 AltAssets