Digital Capital Advisors Announces the Sale of Constructive Media, a Portfolio Company of H.I.G. Capital, to Sandbox & Co

Constructive Media Sandbox Tombstone.png

NEW YORK - November 15, 2018 - Digital Capital Advisors, a premier global investment bank dedicated to serving innovative digital media and technology companies through sell-side and buy-side M&A, announces the sale of Constructive Media, LLC ("CM" or the "Company"), a portfolio company of H.I.G. Capital ("H.I.G."), to Sandbox & Co ("Sandbox") on behalf of Figjam Group Ltd. The transaction was led by Elgin Thompson, Managing Director at Digital Capital Advisors. 

Established over 20 years ago, CM is one of the largest digital media platforms at the intersection of education and casual gaming through its properties, and The Company has curated and developed a large selection of highly entertaining thinking games across a range of genres and age groups for desktop and mobile. With its unique mix of "edutainment" content, CM has become one of the most trusted and popular brands on the internet with over 400 million users across the globe. As part of the transaction, CM will join the growing network of Sandbox properties which includes Poptropica, CuriousWorld, Tinybop, Hopster, Family Education, TeacherVision, Super Awesome, StoryArc Media, Fact Monster, InfoPlease and Funbrain.

"With the support of H.I.G., CM has built one of the largest, most recognized digital brands in the educational gaming space," said Elgin Thompson, Managing Director at Digital Capital Advisors. "We continue to see a robust M&A environment for scaled, unique assets at the intersection of learning, entertainment and technology. The synergistic fit with Sandbox is quite compelling and exciting for general audiences on a global basis."

Greg Barlow, CM's CEO, said, "We have enjoyed partnering with H.I.G. over the past few years. Our team has valued the continued support and leadership provided throughout our partnership as we worked to achieve our goals and growth initiatives. We are excited to join Sandbox and its portfolio of complementary companies."

"Sandbox is focused on products and solutions that super-serve millennial families and the way they learn. Coolmath Games is a market-leading property that fits our mission", said Bhav Singh, Founder and CEO of Sandbox. "CM products are enjoyed by audiences across North America and provide us with a sizable reach in this very strategic market." Prior to founding Sandbox, Singh led high growth divisions with media giant Viacom, scaling their emerging markets business, and subsequently as the CEO of Pearson English and informal learning at Pearson PLC.

About Constructive Media

Headquartered in New York City, Constructive Media was founded in the late 1990's to offer a new way to discover and enjoy math. The Company has expanded considerably since then and continues to create new products on new topics across all digital platforms - mobile, app, web, and anywhere else its audience strives to learn and play. Constructive Media serves a global audience of students, casual gamers, and avid learners through its digital media platforms. For more information, please refer to the Constructive Media website at

About H.I.G. Capital

H.I.G. is a leading global private equity and alternative assets investment firm with $30 billion of equity capital under management*. Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Mexico City, Rio de Janeiro, and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach:

1. H.I.G.'s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.

2. H.I.G.'s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.

3. H.I.G.'s real estate funds invest in value-added properties, which can benefit from improved asset management practices.

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at

* Based on total capital commitments managed by H.I.G. Capital and affiliates.

About Sandbox & Co

Founded by media and learning expert Bhav Singh, Sandbox is a London-based millennial education company with engaging online products and services that make learning fun. At the intersection of the digital, learning & media industries, Sandbox brands embrace technological advancements, focus on globally relevant core subjects that center on families' interests and help develop 21st century skills.

Sandbox represents and strategically operates Figjam Group Ltd. controlled and invested entities - a suite of 10 brands, most of which are leaders in their own segment and have won several awards. Portfolio companies include Poptropica, CuriousWorld, Tinybop, Hopster, Family Education, TeacherVision, Super Awesome, StoryArc Media, Fact Monster, InfoPlease and Funbrain. Sandbox is committed to providing an unparalleled ecosystem of edutainment products, and currently reach over 20 million children, their millennial parents and teachers. For more information, please refer to the Sandbox & Co website at

About Digital Capital Advisors

Digital Capital Advisors is the premier global investment bank dedicated to serving innovative digital media and technology companies through sell-side and buy-side M&A. DCA's global perspective is fostered by the unique composition of its team - CEOs, entrepreneurs, venture capitalists, and world-class investment bankers who have helped shape the technology landscape. With offices in New York City, San Francisco and Berlin, DCA specializes in cross-border transactions and has unlocked maximum value for clients on deals spanning twenty countries around the world. Its unparalleled operational DNA, global reach, and exclusive focus in the digital ecosystem further enhance its expertise and unify DCA's professionals with their clients.

Digital Capital Advisors Announces ListenFirst Media, A SaaS-Based Social Intelligence Provider, Has Received A Majority Growth Equity Investment From Frontier Capital

ListenFirst Tombstone.png

NEW YORK, NY - September 5, 2018 - Digital Capital Advisors, LLC ("DCA") is pleased to announce it has served as exclusive financial advisor to New York-based ListenFirst Media ("the Company"), a SaaS-based provider of comprehensive social analytics solutions to leading consumer brands, on its majority growth equity investment from Charlotte-based growth equity firm Frontier Capital ("Frontier").

The transaction underscores the continuing need for social analytics by major consumer brands such as NBC Universal, Conde Nast, Time Warner, and Gap, Inc. With deep roots in Media & Entertainment, ListenFirst has emerged as an industry leader in comprehensive social intelligence solutions for consumer brands across a variety of verticals including fashion & retail, travel & leisure, finance, and healthcare.

The social media analytics space is positioned for robust growth, with corporate investment in digital and social marketing growing at a rapid pace. According to Markets & Markets, the social media analytics market is expected to increase at an annual rate of approximately 29% reaching an estimated $9.5 billion by 2022.

“We’re excited to partner with Christian and Jason to help them continue to accelerate ListenFirst’s market leadership position in delivering rich social intelligence insights to the world’s premier consumer brands,” Frontier Partner Michael Ramich said. “With brand spending on social media platforms such as Facebook, Instagram, Twitter, and YouTube continuing to draw budgets away from traditional media, ListenFirst is well positioned to help consumer brands make sense of and maximize their investment in social media.”

ListenFirst Co-Founder Jason Klein added: “ListenFirst was founded to drive a future where data, not just instinct, helps guide the way brands make decisions and we are extremely proud of the value our solution and services bring to our clients. Our market opportunity is rapidly expanding, and we are excited to partner with the Frontier team to help us navigate our next phase of growth. Frontier’s deep, focused expertise with SaaS companies just like ListenFirst will help us refine our go-to-market strategy, enhance our product offering, and continue to enable our clients to solve critical business challenges by unlocking the power behind data.”

Digital Capital Advisors Announces Sale of Adbrain, the Leading Provider of Intelligent Identity Resolution Technology, to The Trade Desk

Adbrain TTD Tombstone.png

NEW YORK, NY - October 25, 2017 - Digital Capital Advisors, LLC ("DCA") is pleased to announce it has served as exclusive financial advisor to London-based Adbrain ("the Company"), a global leader in resolving customer identity for marketers and their partners across people, places and devices, on its sale to The Trade Desk ("TTD").

The transaction further demonstrates TTD’s commitment to help advertisers target consumers across all devices through a single, independent buy-side platform. Digital consumers own on average 3.64 devices (GlobalWebIndex), which makes it difficult for marketers to have a unified view of the customer in targeting and reporting.

During the past year, TTD has partnered with a wide range of companies to license deterministic cross-device data sets. Adbrain’s technology combined with those data sets give TTD a proprietary deterministic device graph to match a user’s identity across different devices. As TTD buys media across every screen, connecting a user’s identity across different devices drives the best results for marketers, and the best possible ad experience for the consumer.

Adbrain has been integrated within TTD’s platform and cross-device marketplace since October 2015. In accordance with its open marketplace approach, TTD will continue to offer industry-leading device graphs on the platform, along with supporting custom device graphs developed by agency and marketer clients.

“We are thrilled to add Adbrain’s innovative technology and expertise to our company,” said Jeff Green, CEO and co-founder of TTD. “With this acquisition we will develop a proprietary device graph that combines Adbrain’s technology with login data, giving advertisers and brands on The Trade Desk platform an independent alternative to walled gardens.”

Digital Capital Advisors Advises Virtual Reality Platform InContext Solutions on $15.2 Million Investment Led By Intel Capital & Beringea

InContext Intel Tombstone.png

NEW YORK, NY – October 25, 2016 - Digital Capital Advisors, LLC ("DCA") is pleased to announce that it has served as exclusive financial advisor to InContext Solutions, a global leader in virtual reality (VR) solutions for retailers and brands, on its $15.2 million growth equity investment led by Intel Capital and Beringea. The Company has raised approximately $40 Million in financing to date. Previous investors include Plymouth Venture Partners and Hyde Park Venture Partners.
"Under CEO Mark Hardy's leadership, InContext Solutions has come to distinguish itself as the only SaaS platform operating at scale in enterprise VR, with marquee retail and CPG clients. Intel's expertise and global reach further accelerates InContext Solutions' momentum, as Intel can see around the corner to recognize the massive addressable market for enterprise VR and how it intersects with artificial intelligence, Internet of Things and new computing paradigms," said Elgin Thompson, Managing Director at DCA.
Recognized by CB Insights among the leaders in VR for retail, InContext Solutions provides a unique, in-depth perspective on what consumers see on the retail shelf, how this drives their purchase behavior and why it moves them to take action. With the power of ShopperMX - the world's first cloud-based virtual store simulation and shopper insights platform - InContext Solutions' clients can ideate new in-store concepts, evaluate with actual shoppers and activate those concepts in market.
"This latest round of funding gives us strong strategic backers who share our vision of even more robust, fully-immersive virtual reality solutions for retail," said Mark Hardy, CEO of InContext Solutions. "We have long been a leader in web-based VR, and this investment allows us to aggressively develop our VR platform, further lowering costs and improving speed and revenue for our clients." 
The convergence of ShopperMX software with Intel's technology will result in solutions that support the retail space and its evolving needs. This includes creating optimal shopping experiences that reduce risk and improve the bottom line as well as significantly minimizing the cost and time associated with the retail innovation cycle.
"Intel believes virtual reality has great potential to disrupt retail and manufacturing, and InContext's platform has demonstrated the value VR and merged reality can provide to those industries," said Joe D. Jensen, Vice President of the Internet of Things Group and General Manager of the Retail Solutions division at Intel Corp. "We're pleased to enter this relationship to bring best-in-class VR to market."
In connection with the transaction, Patrick Walsh, Director at Intel Capital will join the InContext Solutions' Board of Directors.

Digital Capital Advisors Advises ReviMedia in their $12.5MM Raise from NewSpring Growth Capital

NEW YORK, NY – August 15, 2016 - Digital Capital Advisors, LLC ("DCA") is pleased to announce it has served as exclusive financial advisor to ReviMedia (“The Company”), a market leader in online lead generation, on its $12.5MM raise from NewSpring Growth Capital (“NewSpring”).

Founded in 2010 by Frans van Hulle and Bas Offers, ReviMedia provides clients with high-quality and transparent leads across a number of industry verticals. More recently, the Company began offering a powerful lead exchange platform, PX, to market participants. This proprietary technology platform was built with the needs of today’s lead buyers and sellers in mind, placing emphasis on automation and user-friendly experience. ReviMedia’s lead generation solutions and PX platform provide sophisticated lead scoring and verification technologies, enabling customers to enhance the performance of their sales organization and increase revenue through improved lead conversion. For more information on the Company and its solutions, please visit and

NewSpring’s General Partner Glenn Rieger remarked: “The lead generation industry has experienced a rapid evolution over the past several years and ReviMedia has been at the forefront of this dramatic shift. The experienced management team recognized industry trends early on and built the Company to capitalize on the fast-changing requirements of the market.  We are excited to partner with ReviMedia and look forward to continued growth and value-creation.”

As part of the transaction, Glenn Rieger will join ReviMedia’s Board of Directors.   

“Having been bootstrapped since inception, we were not only looking for capital, but, more importantly, for the right partner to help us bring ReviMedia to the next level and sustain our growth,” said Frans van Hulle, CEO of ReviMedia. “We are looking forward to working with NewSpring and excited about having a strong business partner on board.”

ReviMedia plans to use the proceeds to expand its sales and marketing organization, support international expansion, and continue development of the Company’s PX technology platform. The Company is headquartered in New York, NY with offices in The Netherlands, Ukraine and Panama.

“Digital Capital Advisors is proud to have advised ReviMedia on this successful capital raise from NewSpring Growth Capital. The Company’s sophisticated lead generation and exchange capabilities has made it one of the fastest growing participants in the space, and the new partnership will reinforce its ability to deliver clients the latest technology that improves transparency and accountability in the rapidly changing lead generation industry,” commented Brandon Quartararo, Director at Digital Capital Advisors.

Digital Capital Advisors Announces Sale of Collective Europe Limited to Time Inc. UK

Collective Europe Time Inc Tombstone.png

NEW YORK, NY – July 12, 2016 - Digital Capital Advisors, LLC ("DCA") is pleased to announce it has served as exclusive financial advisor to Collective (“The Company”), a New York-based advertising technology company, in the sale of its UK creative and media division, Collective Europe Limited (“Collective UK”), to Time Inc. UK.

Founded in 2005, the Company provides multi-screen advertising solutions which help brands connect with their audiences. In an effort to fuel global growth for the Company, Collective has focused on its new advertising hub technology division called Visto, and sought a strategic acquirer for its UK creative and media division.

Joe Apprendi, CEO of Collective, remarked: “Time Inc. UK stood out for us for a number of reasons including: their world renowned multiplatform, multimedia content, their roster of blue chip clients as well as their desire to continue to invest in Collective UK as a standalone business. The sale proceeds will provide continued investment in our Visto business which will in turn help differentiate and support even greater performance of our US ad network business.”

Time Inc. UK is Britain’s leading publisher of print and digital magazine content. With more than 50 brands, Time Inc. UK creates content for multiple platforms across print, online, mobile, tablets and experiences.

“We are delighted that Collective UK will now be part of Time Inc. UK. Their ability to deliver market-leading premium creative solutions for brands at scale further strengthens our market-leading proposition. We look forward to integrating Collective UK’s offering with the unique brands, content and data we have at our disposal to create an irresistible opportunity for clients,” said Sam Finlay, chief revenue officer of Time Inc. UK.

Collective UK will continue to operate from its current offices in London under the Collective UK name. Time Inc. UK acquired the UK business of Collective for an undisclosed sum.

DCA's CEO & Managing Partner Jay MacDonald commented, “Digital Capital Advisors is proud to have advised Collective and their shareholders on the successful sale of its UK business to Time Inc. UK. The transaction brings together one of Europe’s greatest content producers with a growing and differentiated advertising platform, strengthening both parties’ abilities to deliver results for clients. Time Inc. UK’s unique data, content, and global reach will reinforce Collective UK's ability to provide differentiated brand solutions at scale.”

Digital Capital Advisors Advises Technology Crossover Ventures in $49MM Funding of Online Eyewear Marketplace

NEW YORK – July 7, 2016 - Digital Capital Advisors, LLC ("DCA") is pleased to announce that their European partner, Digital Capital Advisors Europe (“DCA Europe”) has served as exclusive financial advisor to Technology Crossover Ventures on its €45MM ($49MM) investment in, a multi-channel prescription eyewear provider in Germany.

The transaction represents Technology Crossover Ventures’ first investment in a Berlin-based company and this year's largest VC financing in a German consumer internet company. built an online marketplace to sell its original eyewear and help independent opticians find new customers. Having started as the first hybrid-model optician retailer in Germany, now partners with over 700 independent opticians, making it the premier multi-channel retailer for eyewear. In addition to offering opticians a new distribution channel, the Company gives customers the opportunity to acquire high-quality products at competitive prices while benefitting from excellent customer service.
Based in Silicon Valley and with offices in New York and London, TCV is a leading provider of growth-stage financing for public and private companies in the technology industry. Having invested more than $9BN in over 200 technology leaders, TCV’s portfolio companies include Facebook, Spotify, Netflix, Expedia, and Dollar Shave Club.
Matthias Kamppeter, CEO of “It’s clear an investment from TCV goes far beyond an influx of capital. They are committed to helping us strengthen our financial structure, improve our sales and marketing processes and build out our technology team.”
John Doran, Principal at TCV: “At TCV, we invest in technology-driven businesses with sustainable business models that are focused on disrupting large industries and very much fits that mold.”

This deal follows a number of other successful transactions with DCA Europe as the exclusive financial advisor, such as the sale of smartclip, BodyChange, stylefruits, DailyDeal, and ContentFleet.

Digital Capital Advisors Announces Sale of Leading Digital Music Company X5 Music Group to Warner Music Group

X5 Music Group WMG Tombstone.png

NEW YORK, NY - June 2, 2016 - Digital Capital Advisors, LLC ("DCA") is pleased to announce it has served as exclusive financial advisor to Stockholm-based X5 Music Group ("the Company" or "X5"), a leading digital music technology and catalog company, on its sale to Warner Music Group ("WMG").

Founded in 2003 by a team of leading digital music entrepreneurs, the Company specializes in licensing deep catalogue and specific genres of music for use in playlists, streaming and downloadable products across multiple third-party music platforms. Utilizing the Company's flagship productization system, X-ACT 2, X5 is able to efficiently curate and deliver digital playlists to drive listener loyalty and increase user consumption while ultimately driving higher catalog value.

X5 will continue to operate as a standalone company and be led by CEO and co-founder Johan Lagerlöf.  Its operations will be overseen by Tim Fraser-Harding, WMG's President, Global Catalogue, Recorded Music.  "X5 is an incredibly exciting company that has done great things in the digital space.  This team, led by Johan, has an impressive ability to curate specific genres of music and create engaging and accessible digital products and playlists.  We hope to help X5 grow its business in the years ahead and believe that we in turn will benefit hugely from its experience." stated Tim Fraser-Harding.

X5 remains well-positioned to generate increased revenue from WMG's vast catalogue of high quality content and expose its repertoire offering to a global audience of digital music listeners. Johan Lagerlöf says: "Our business is to increase the value of catalog music by putting it in the right context.  We are excited to be working with the amazing catalog of Warner Music Group and look forward to harnessing our scalable business model to increase its value.  X5 has helped pioneer the digital music business for more than a decade and now we are bringing our unique expertise and experience to WMG."

"Digital Capital Advisors is proud to have advised X5 Music Group and their shareholders on this transaction.  X5's ability to generate new and sustainable revenue streams on behalf of rights holders in the digital ecosystem has made the company a unique partner and steward to some of the industry's leading catalogue and content owners," says Brandon Quartararo, Director at Digital Capital Advisors.