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Ad Network Adconion Secures $34 Million To Support Acquisition Plans

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Adconion Media Group has secured nearly $34 million (£21 million) in a financing from Silicon Valley Bank. The ad network, which is based in London, will use the proceeds in support both acquisition and and general operations.

It’s been about two years since Adconion did any major acquisitions. But two years ago, it was on a tear, buying internet TV site Joost, and LA-Based Digital Studio KTV and Frontline Direct before that. A little over three years ago, Adconion raised $80 million to promote its U.S. expansion.

In a statement, the company’s CEO Tyler Moebius said he wants to further develop Adconion’s relationship with SVB, but he was otherwise vague in outlining what sort of acquisitions and where executives would be considering over the next few months.