Verkossa Media Announces Acquisition by Fonecta

Verkossa Media, Finland’s largest independent advertising network, announced today that it has been acquired by Fonecta Enterprise Solutions. The deals value wasn’t disclosed.

The entire business of Verkossa Media, including all of its employees while excluding the company’s CEO Lasse Hyyti, will move under the service of Fonecta Enterprise Solutions on the 1st of March 2014.

Founded in 2006, Verkossa Media is owned by Terve Media, Intervision and other key members. Its advertising network reaches approximately 3,4 million Finnish web users and its media sales revenues in 2013 were over €6 million.

Hyyti  is pleased with the deal and awaits further collaborations with Fonecta:

“Verkossa Media has grown into a significant web advertisement commercializer while serving both advertisers as well as its publishing partners. As withdrawing business owners we have strong faith in the company’s story in the future and we have formed a long term cooperation agreement with Fonecta Enterprise Solututions on further commercialization of Terve Media’s medias.  We would like to thank our colleagues in Verkossa Media for their long and fruitful collaboration and we wish them, as well as Fonecta, success in the future”, says Hyyti, also CEO of Terve Media.

Fonecta has been very busy acquiring startups lately as you can see from here (Finnish).

That being said, we have recently talked about the shift in Fonecta’s strategy. Previously they have been known for acquiring startups that work in the direction that they are headed, however starting from this year they will also be doing straight up minority investments, and we are awaiting the first investment announcement from Fonecta.

Top Image Courtesy of Shutterstock // Acquisition