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UPDATE: Tremor Video sells buyer platform for $50M

Tremor Video Inc. sold its buyer platform to Taptica International Ltd., a global mobile advertising technology platform, for $50 million.

Under the terms of the agreement, Tremor Video agreed to certain hiring restrictions for two years and not to engage in competition for three years. Tremor also agreed to provide certain transition services through the end of the year. Tremor Video completed the sale on Aug. 7.

The Raine Group acted as exclusive financial adviser on the deal and Cooley LLP acted as legal counsel to Tremor Video in connection with this transaction. RBC Capital Markets acted as exclusive financial adviser and Naschitz Brandes Amir & Co. acted as legal counsel to Taptica in connection with the deal.

In connection with the sale of the business, Lauren Wiener, Tremor Video's president of buyer platform, resigned from the company.