Similar to other ad tech companies, TubeMogul’s stock has been battered by the public market at times. Its stock was down nearly 9% when it initially filed its S-1 for the follow-on offering June 1. It seemed to reclaim its momentum and climbed 7.9% last week when Comcast announced its planned acquisition of TV ad tech company Visible World.
Wilson said the company’s secondary filing reinforces its independent status, adding additional financing will keep it nimble while it explores additional growth opportunities.
“We’re not spending more, there’s no M&A [planned] – this was an opportunistic [move] to strengthen our balance sheet, because so much of the company is owned by venture capitalists,” he said.
Brian Wieser of Pivotal Research noted the follow-on offering sustains Tube’s independent status, though it doesn’t necessarily discount external interest: “They’re better positioned now if a larger company thought they’d serve as a strategic acquisition choice.”