Edinburgh-based TV advertising analytics firm TVSquared has been acquired by New York-based Innovid in a cash and stock transaction valued at $160 million.

TVSquared CEO Calum Smeaton will step down to take on a strategy role in support of the integration with Innovid.

“Innovid and TVSquared share complementary visions to transform TV measurement through a comprehensive view of audiences across all devices and platforms worldwide,” said Smeaton, founder of TVSquared.

“Joining forces establishes a cross-platform measurement solution that maps one of the largest datasets of audiences, homes, and devices, at scale, across linear, CTV, and digital video.”

TVSquared president Jo Kinsella will join the Innovid executive team, reporting into CEO and co-founder Zvika Netter and leading the measurement business.

TVSquared’s clients and partners include Sky, Hulu, NBCUniversal, Roku, Tegna, Tubi and Comcast’s FreeWheel.

“In acquiring TVSquared, we aim to provide the most complete view of the total TV and digital universe through a scalable, currency-grade measurement platform,” said Netter.

“Additionally, we immediately accelerate and broaden our scope globally, as brands, agencies, publishers, and broadcasters on six continents rely on TVSquared to maximise reach, identify the right audiences and drive business growth with TV.

“As the market demands greater accountability, Innovid and TVSquared are reimagining the future of cross-platform TV measurement together.”

Kinsella said: “By digitising cross-platform TV advertising, we believe this combination will give advertisers, across the ecosystem, everything they need to transact at scale.

“Together, TVSquared and Innovid are at the centre of TV’s transformation, meeting the market’s needs for a converged TV measurement alternative.”

The combined entity will represent buy-and sell-side customers and process billions of impressions events daily.

The joint offering will include ad serving, creative personalisation and optimisation, outcomes and audience measurement, including reach, frequency and unique unduplicated reach, for the total TV and digital universe.

The TVSquared acquisition is expected to close by the end of Innovid’s fiscal second quarter, subject to the satisfaction of customary closing conditions.

TVSquared total preliminary revenue for the full year of 2021 is expected to be between $20 million and $22 million.