July 12, 2021
New York, San Francisco
Digital Media and Media
Capital raise / fund raise
GCA advises Vistar Media on its Series B preferred fundraise from Lamar Advertising Company
GCA acted as advisor to Vistar Media, the leading global provider of programmatic technology for digital out-of-home, who has received a Series B funding round of USD 30m from Lamar Advertising Company (Nasdaq: LAMR).
The investment reflects Lamar and Vistar’s belief that technology will be the driving factor behind an accelerated growth rate for the out-of-home (OOH) industry at large. With the adoption of programmatic now widespread, Vistar is focused on helping digital signage networks transition beyond automation to true revenue management, while enabling buyers to leverage data to drive all media decisions and prove ROI through accurate measurement toward all KPIs.
The investment by Lamar builds on its eight-year partnership with Vistar, during which Lamar’s close collaboration with the company helped successfully develop Lamar’s programmatic channel. According to the terms of the deal, Lamar will gain a minority equity stake in Vistar and a seat on Vistar’s Board of Directors. Vistar will continue to operate as an independent technology partner to buyers and sellers across the global OOH ecosystem.
Michael Provenzano, CEO and Co-Founder of Vistar Media, said: “We are thrilled to have this vote of confidence from one of the most successful and respected companies in out-of-home, and to have the means to double-down on what Vistar is known for: innovation that drives substantive results.”
Sean Reilly, CEO of Lamar Advertising, added: “Programmatic technology and continued innovation in digital signage software will fuel success for the entire out-of-home industry, and Vistar has a proven track record of building both technology and relationships that deliver value to the full ecosystem of buyers and media owners. By providing capital to a clear leader in the space, Lamar is investing in the future of our industry and the next evolution of our compelling media channel.”
Vistar plans to use the funding to fuel product innovation, accelerate international expansion and strengthen the balance sheet.