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Social ad company Smartly.io sells a majority stake to Providence Equity Partners

Smartly.io, a company helping advertisers automate their campaigns across Facebook, Instagram and Pinterest, has sold a majority stake to Providence Equity Partners for €200 million (approximately $223 million).

“By partnering with Providence, Smartly.io gains invaluable strategic advisory, deep operational experience and market insight, especially in the U.S. where major Fortune 500 companies are only starting to automate their creative processes,” said Smartly.io founder and CEO Kristo Ovaska in the announcement.

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