Ohio-based MSP Velocity has acquired Impax Media Inc., a digital signage technology company that operates an in-store advertising network for grocery stores. Financial terms of the deal were not disclosed.
This is M&A deal number 428 that ChannelE2E has covered so far in 2020. See the full M&A deal list here.
Impax Media provides in-store digital signage advertising to shoppers at the checkout aisles at 49 grocery stores in the New York City area. The deal will expand Velocity’s media solutions portfolio within the retail sector, the company said.
Impax Media was founded in Montreal in 2015 and has additional offices in Toronto and New York.
Velocity Acquires Impax Media: Executive Insight
Greg Kiley, founder and CEO of Velocity, commented:
"COVID-19 has made it very tough for businesses to return to normalcy. However, the grocery sector has never been more of an essential business as shown by the resiliency of the foot traffic during the pandemic. We look forward to continuing to expand our portfolio into the grocery and retail markets, and enable new opportunities and solutions for our customers.”
Joe Ross, EVP of sales and marketing at Velocity, added:
"Grocery stores and shoppers have become increasingly more attractive to endemic, as well as national, regional and local advertisers. We are looking forward to working with our Impax retailers and strategically exploring expansion within the grocery sector to enhance the shopper experience and the grocer's revenues.”
Velocity’s Screenvision Partnership
Headquartered in Holland, Ohio, just outside of Toledo, Velocity is a privately held company with around 500 employees. The Velocity has 13 redundancy data centers and access to 5,500 certified technicians throughout the United States.
Velocity also partners with Screenvision Media, which places ads in cinemas and other premium video advertising venues. Screenvision serves as a strategic seller of Impax’s ad inventory, according to Velocity.