O2 UK confirmed on Tuesday that it has bought out EE and Vodafone from mobile advertising joint venture Weve.
Weve will continue to help brands address mobile audiences, but it will trade as a wholly owned subsidiary of O2, the operator explained in a statement sent to Total Telecom. Financial terms were not disclosed.
Following the deal, customers of O2 WiFi, and members of its loyalty scheme, Priority, will be opted in to Weve, increasing the reach of Weve’s targeted ads and providing it with a fresh source of data to mine.
With only one owner to answer to instead of three shareholders and a separate board, Weve can be much more agile, O2 said.
"Through this acquisition we will be able to offer our business customers the platform to offer their customers more personal and contextually relevant offers," said David Plumb, digital director of O2 UK.
The announcement came after sources cited in a Financial Times report over the weekend claimed that O2 would take full control of Weve once it completes its £10.25 billion merger with 3UK.
What started out in 2011 as m-payments joint v enture Project Oscar has evolved over the last 12 months into a mobile advertising services provider.
"By focusing on mobile advertising Weve has been really successful, growing by 45% year on year in 2014," Plumb said on Tuesday.
"The U.K. mobile digital advertising market is big, growing by almost 100% year-on-year to £850 million in 2014," he noted. "With O2’s heritage in digital services and as a pioneer in digital advertising, we are perfectly placed to capitalise on this potential."
