Edgar’s SEC Data profile {Actuarial Version}ONAR Holding →
From the chopped neck
ONAR Holding Corporation closed its acquisition of Advertise Purple on September 29, completing a $15 million financing round at a $25 million pre-money valuation to fund the transaction. The target delivered $17.1 million in revenue and $6.6 million in adjusted EBITDA for fiscal 2025, putting the purchase at roughly 2.6x trailing revenue and 2.3x EBITDA before financing costs are allocated. Combined pro forma revenue now exceeds $30 million on an annual run-rate basis.
Advertise Purple operates Bloom, a proprietary data and analytics platform with access to more than 111 million consumer profiles. The business generated $4.4 million in net income during the trailing twelve months, suggesting cash conversion above 66% of adjusted EBITDA. ONAR structured the financing as an initial close, leaving the door open for follow-on capital without disclosing the full round size or the equity dilution borne by existing shareholders. The OTC PINK listing limits disclosure requirements, and no debt schedule was published.
The deal marks a category shift for sub-scale programmatic buyers. ONAR is positioning itself as an AI-powered marketing platform, but the economics reveal a roll-up thesis: acquire cash-generative agencies trading below 3x EBITDA, layer in shared infrastructure, and re-rate the combined entity toward software multiples. Advertise Purple's 111 million profiles provide the data moat required to credibly pitch machine-learning audience segmentation to mid-market clients who lack direct publisher relationships. The $6.6 million EBITDA figure suggests annual media spend in the $50–70 million range if the business holds to industry-standard take rates of 10–13%. That places Advertise Purple in the territory where independent agencies either sell or die—too large to stay boutique, too small to compete with holding-company programmatic desks on CPM arbitrage alone.
For family offices and development groups tracking luxury-hospitality marketing spend, the consolidation pattern is the signal. Mid-market agencies with eight-figure revenues and owned data platforms are being re-priced as software assets, not service businesses. The Bloom platform's 111 million profiles likely skew toward direct-to-consumer verticals, but the infrastructure is fungible. Hospitality groups spending $5–15 million annually on programmatic will face fewer independent buying desks by 2027, and those that remain will either own proprietary data or operate as white-label extensions of consolidators like ONAR. The financing terms—$15 million at $25 million pre-money—imply that early-stage investors are underwriting a path to $100 million in combined revenue within 24 months, which requires at least two more acquisitions of similar scale.
Watch for ONAR's second financing close within 90 days, likely at a higher per-share price if Advertise Purple's Q4 2026 EBITDA holds above $1.6 million. The company has not disclosed whether Bloom's 111 million profiles include first-party hotel or travel data, but integration timelines for customer data platforms typically run 120–180 days. Any hospitality brands currently working with Advertise Purple should expect contract renegotiations or platform migrations by Q1 2027 as ONAR centralizes billing and attribution.
The $6.6 million EBITDA purchase just became the floor price for any programmatic agency holding a eight-figure data asset and 60%+ cash conversion. Sellers waiting for a return to 2021 multiples will be waiting a long time.
The takeaway
Mid-market programmatic agencies with owned data platforms are now trading at 2–3x EBITDA as consolidators re-rate them toward software economics.
Editorial & Disclosure Notice: This article was written with artificial intelligence from public sources and is published without individual human review. Artificial intelligence and other digital tools are also used for research, analysis, editing, formatting, and production. Errors, omissions, outdated information, or inaccuracies may occur. References to companies, brands, products, services, organizations, or individuals are for informational and editorial purposes and do not imply endorsement, sponsorship, affiliation, partnership, or approval unless expressly stated. All trademarks and other intellectual property remain the property of their respective owners. Opinions, analysis, estimates, and commentary are informational only and should not be construed as financial, investment, legal, tax, medical, procurement, or other professional advice. Information may be corrected, clarified, or updated after publication. Corrections or removal requests: jenny@pops4.com.
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