Specific Media Buys Video Ad Net BBE

Online ad firm Specific Media has acquired video ad net BBE (fka Broadband Enterprises), MediaMemo reports, citing unidentified sources. The purchase price was estimated to range widely from $65 million to $85 million range. It’s not clear what role — if any — BBE founder and CEO Matt Wasserlauf have under the new arrangement.

While there was supposed to be a wave of consolidation of the hundreds of ad networks over the past few years, that really hasn’t happened. In most cases, companies have either continued to chug along, or go out of business. In most cases, companies like Specific Media have attempted to evolve into more general advertising “platforms” that promise greater targeting and transparency.

While Specific Media has been building up its European ad sales over the past year, one thing it doesn’t have is video. As the Interactive Advertising Bureau’s latest ad spending tally for Q3 showed, video revenues were one of the primary drivers behind display’s 14 percent rise.

That’s where BBE comes in. The company was founded by Wasserlauf in 2004. About two years ago, it raised $10 million in funding from Velocity Interactive Group. The year before that, last year, BBE was one of the companies Velocity was considering for a full acquisition when it was working with General Atlantic. That plan was abandoned when Velocity’s partners changed, which resulted in focusing its deal-making elsewhere.