Digital marketing company Social Reality Inc (NASDAQ:SRAX) has agreed to sell a controlling interest in SRAXmd, its healthcare and pharmaceutical digital advertising line.
The product line will be sold to an affiliate of private equity firm Halyard Capital for up to US$52.5mln, according to the company’s press release.
WATCH: Social Reality Inc to launch beta of blockchain identification graph technology platform soon
“This transaction gives us the benefit of the long-term growth we have been experiencing in MD, which we believe will be worth significantly more in the future while providing us the capital we need to grow our other verticals and to bring Big Token to market,” said CEO Christopher Miglino in a statement.
The company operates a digital marketing and data management platform, analyzing marketing data through the use of AI to identify core consumers. Big Token is the company’s blockchain-based identification graph technology platform.
The Los Angeles-based company joined the Russell Microcap Index in June.
Shares of the advertising company were up more than 15% to US$6.49 in Monday pre-market trading.