DUBAI: A unit of Abu Dhabi’s International Holding Company (IHC) has acquired a stake in Google-backed Firefly, which provides street-level digital media on taxis and rideshare vehicles.
IHC-owned Multiply Marketing Consultancy (MMC) acquired the minority stake in the company, it said in a stock exchange filing on Sunday.
Firefly operates across major US cities, working with major taxi and rideshare companies to install advertising displays atop their vehicles.
The proprietary screens feature content based on location, and are Internet-enabled. The platform attracts millions of impressions per month, according to a statement.
The deal will expand the company’s operations in the Middle East, and will set up an office within MMC’s Abu Dhabi headquarters.
“Investments in our communications vertical ensure that our media teams are servicing our local clients with the latest, most innovative and analytically-precise technology available on the market,” MMC chief Samia Bouazza said.
Gulf governments are ramping up their technology investments in a regional race for supremacy in the sector which is seen as a critical path to economic diversification.
Firefly will become part of Multiply Group’s communications vertical, which includes global agency MMC, Viola, as well as other minority stakes in companies such as Yieldmo, a digital advertising and attention analytics company.
Courtesy: Arab News