NEW YORK--(BUSINESS WIRE)--Hudson MX, provider of the first and only fully cloud-based platform for end-to-end media buying, billing and paying, today announced a deal that provides substantial new funding to enable its expansion to meet growing market demand. The round is being led by a new investor, with Ascential plc increasing its minority stake and gaining a route to majority ownership as early as April 2024.
Advertising technology company Hudson MX was founded in 2016 by industry veterans who sought to bring modern technology, and the transformative value it enables, to the media buying ecosystem. Its BuyerAssist™ product was first used by Local media buying teams at the world’s largest advertising holding companies and top U.S. agencies starting in 2018. Based on the rapid commercial adoption of BuyerAssist™ for Local, Ascential plc made a series of investments to enable the build out of the entire MX Platform™ as well as the onboarding of its initial agency and brand customers.
The MX Platform™ today, via its BuyerAssist™, FinanceAssist™, and other products, can be configured for each customer to support specific media types and workflows or the entire buying, billing, and paying process for all media types. With the core MX Platform™ substantially complete, the new investors are partnering with Ascential plc to scale initial customers and fuel expansion of Hudson’s solutions and client base to address growing demand from agencies as well as brands that inhouse media buying.
Duncan Painter, Chief Executive Officer of Ascential, said, “Hudson is creating a state-of-the-art platform fit for the modern media world. It is now processing significant volumes of digital media spend for key customers, and this new investment is an important validation that it has made strong progress. We are encouraged that Hudson is on a pathway to revenue growth and profitability.”
To ensure the path to scaleable revenue and profitability, Hudson MX will also benefit from the vision and expertise of a newly appointed board and a bolstered management team. Duncan Painter, CEO of Ascential plc and Scott Forbes, Chairman of the Ascential plc board of directors will now serve on the Hudson MX board, working with a veteran leadership team that includes newly appointed CEO Stuart Johnston.
“Technology should move at the speed of media—and now finally it can," said Stuart Johnston, Hudson’s new CEO. “Our solution eliminates lags, delays, and rework by cutting out manual data entry and enabling data and information from any source to flow into, out of, and across the platform in real time. Empowering customers to save time, reduce risk, pursue advanced buying strategies, and boost employee morale—goals that have too often been thwarted by technology limitations—is what excites me most about leading the Company in its next phase of audience expansion and financial growth.”
About Hudson MX
Hudson MX is a strategic technology partner that enables agencies and advertisers to buy, bill, and pay for media with maximum efficiency, results, and control. Founded in 2016 with the mission of bringing the technology underpinning the media ecosystem into the 21st Century, its flagship BuyerAssist™ product has been used to process billions of dollars of media buys for 27 leading agencies in all 210 U.S. markets, servicing over 200 national advertisers. Hudson MX has 148 full time employees and over 300 contracted engineers, with headquarters in New York City and Atlanta. Learn more about Hudson MX at http://www.hudsonmx.com, LinkedIn and Twitter (@HudsonMXinc).
About the MX Platform™
The MX Platform™ is the first and only fully cloud-based SaaS enterprise media solution for omnichannel buying, billing, and paying. Today, all MX Platform™ products are live at scale with customers, including BuyerAssist™ for every media type along with FinanceAssist™ for seamless media accounting. The MX Platform™ can connect, in real time, with any external data, partner, or tool via flexible methods that include automated APIs, the VendorAssist™ software application, and more.