Brand Engagement Network Acquires Cataneo GmbH to Enhance AI Solutions in Media Technology
In a move that highlights the growing intersection of artificial intelligence and media, Brand Engagement Network, Inc. (NASDAQ: BNAI) has announced its agreement to acquire Cataneo GmbH, a prominent German media technology company. The deal, valued at $19.5 million, combines $9.0 million in cash with 4.2 million shares of BNAI stock, priced at $2.50 per share.
Cataneo, based in Munich, has established itself as a leader in media technology, especially in ad sales and inventory management. The company’s highly regarded Mydas platform manages over €5 billion in annual media spending, supporting approximately 5,000 users and more than 1,000 media brands across multiple continents.
The Future of Media Engagement
Paul Chang, Chief Executive Officer of Brand Engagement Network, stated, ‘We believe the combination of BEN’s safe, intelligent, and scalable Generative AI platform with Cataneo’s Mydas tools can transform how brands engage with their customers. This acquisition marks a significant step towards the future of interactive advertising, where consumers are not just marketed to but actively engaged with, leading to more meaningful online experiences.’
Renato Rocha Pinto, Cataneo’s CEO, echoed this sentiment, emphasizing, ‘We believe combining our technologies will significantly enhance consumer engagement and hugely benefit our global clients. BEN’s AI can generate deep insights and create innovative consumer engagement opportunities across various media outlets.’
Transaction Details
The transaction is pending regulatory approvals and is expected to close in the fourth quarter of 2024. Once completed, Cataneo will operate as a wholly owned subsidiary of BEN, continuing to serve existing clients while optimizing its services through BEN’s AI technology.
Conclusion
This acquisition not only signifies a robust expansion strategy for BEN but also opens up new horizons for enhanced advertising solutions within the global media industry. As traditional media continues to evolve, the integration of sophisticated AI capabilities signals a transformative shift in how brands and consumers interact.
