Veritone divests Veritone One media agency to Insignia Capital for $104M

Veritone (VERI) announced that it has sold its media agency, Veritone One, to Insignia Capital. Total consideration from the divestiture is up to $104M, subject to customary purchase price adjustments and including up to $18M in cash subject to an earn-out based on Veritone One’s achievement of certain net revenue targets during calendar year 2025. Net proceeds will be used to retire a significant portion of Veritone’s term debt and to fund future operations. The transaction significantly strengthens Veritone’s balance sheet and liquidity, allowing Veritone to concentrate on accelerating the growth of its enterprise AI software and solutions, powered by its proprietary aiWARE platform. This strategic focus is designed to enhance long-term shareholder value and position Veritone for sustained success in the AI sector. In addition to acquiring Veritone One, Insignia Capital Group simultaneously acquired Oxford Road, another leading audio advertising agency. The two entities will operate independently in the near-term but will leverage their combined scale, technology, analytics platform and industry expertise to deliver unparalleled performance for their clients.