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Adconion confirms Joost buy-out Adconion, an online advertising specialist backed by Index Ventures, has confirmed it's acquiring the assets behind Joost, after C21 broke the news earlier this month that the two were in talks. As anticipated, UK-headquartered Adconion will use the Joost acquisition to build up its online video ad network Adconion.TV, which it launched out of its US base a year ago. The precise nature of the assets that Adconion is picking up were not disclosed and neither was the price tag, but the company said it would continue to operate the Joost.com website as a means for clients to showcase and distribute their branded entertainment. C21 broke the news earlier this month that Adconion and Joost were in talks. Both have backing from Index Ventures, the venture capital company that now counts former Joost CEO Mike Volpi among its partners. Spokewomen for both companies refused to confirm the talks but today the deal was announced. Joost co-founder Janus Friis said that after months of exploring strategic options the move was in the best interests of the company. "Adconion has a strong technological platform and a compelling business model, and we believe that both businesses will benefit as a result of this acquisition," said Friis. "Video is a top priority for our company, and through the acquisition of the Joost assets we will be able to provide advertisers, content owners and website publishers with an end-to-end global video platform and cross-channel video and display ad-serving solution," said Adconion Media Group CEO Tyler Moebius. "This acquisition immediately brings additional scale and content to the Adconion video pre-roll network for clients who are looking for a safe, cost-effective alternative to achieve the maximum value of online video advertising." Jonathan Webdale 24 Nov 2009 © C21 Media 2009 
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