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Pandora to buy provider of digital audio ad tech for $145M

U.S. music streaming service Pandora Media Inc. agreed to buy AdsWizz, a provider of digital audio ad technology, for $145 million.

Pandora said March 21 that it will pay a minimum of 50% in cash. The transaction is expected to close in the second quarter and is subject to customary closing conditions and regulatory approval.

At the closing of the deal, AdsWizz will become a subsidiary of Pandora, with Alexis van de Wyer continuing to lead AdsWizz as CEO.

The acquisition is expected to upgrade Pandora's ad-tech capabilities and allow advertisers to transact through AdsWizz's global marketplace across Pandora and other audio publishers.