Lightbox Announces Acquisition by Digital Out-of-Home Tech Leader Cattri
Lightbox OOH Video Network, a leading digital out-of-home media company, announced an acquisition by Cattri, a leading out-of-home technology company based in Mexico City. The deal, backed by PC Capital, a Mexican private equity firm specializing in growth equity investments, and Altum Capital, a Mexico City-based private credit fund, positions Cattri to gain entry into the U.S. market through Lightbox’s digital video dominance in shopping and lifestyle centers across the country.
After a successful rebrand and record revenues in 2019, Lightbox continued the momentum into 2020 with triple-digit revenue growth to start the year. Forced retail closures and stay-at-home orders from the global COVID-19 pandemic put the momentum on hold, driving the company to seek investment.
As part of the transaction, Lightbox received significant growth capital which will be used to strengthen its position as a national video advertising network through product enhancements, technology, and expansion.
“We set out to find a partner who shared our optimism about the future of the digital out-of-home industry. At Lightbox we believe that digital out-of-home will be among the fastest growing advertising platforms over the next decade. While technology has disrupted every other traditional media form, OOH is in a unique position whereby advertising technology advancements only make us better. Technology like Cattri’s will level the playing field for us, and provides the tools and data to compete with digital and broadcast.” says Greg Glenday, Lightbox CEO.
Cattri has revolutionized OOH buying and accountable reporting in the Mexican market through its proprietary OOH TV technology including a self-service model, offering advertisers audience data based on the number of eyes that are watching video ads. Its planned application onto Lightbox’s network in the U.S. market is just one of the synergies that the companies see as a driver for growth.
Victor Cattan, CEO of Cattri, says “We were incredibly impressed by the momentum that Lightbox has achieved in the past few years. From the day I met the management team, I knew there was something special about this company. Their national coverage and their position at the forefront of delivering digital video in real world environments, plus Cattri’s advanced tech and engineering, will make a powerful combination as we tackle the North American market together.”