ODU’s marketing services division says it will not sell its ad technology division.
Key points:The ad technology company’s business has grown rapidly in recent years and is expected to grow by another $500 million over the next two yearsThe company has also launched a new technology-driven business called Odu Media which will provide services to advertisers, retailers and other industriesThe company will not have any advertising revenue in the next three yearsOdu Media is an ad technology unit that provides advertising solutions for businesses across the advertising, media, publishing, communications, technology and telecommunications industries.
It will become the largest ad technology business in Australia and could eventually have a market value of $7 billion.
The business was set up in 2013 and has grown by about $100 million a year in the last five years.
“It’s not about whether we’ve got a big advertising business or not, it’s about how we do it,” Mr Rundle said.
“The opportunity is huge.
It’s about building on the strength of our existing capabilities, developing new technologies and improving our capabilities, and that’s why we’ve decided not to sell it.”
The business has more than doubled in size in the past year.
In October, ODU reported that it had more than tripled its revenue from advertising in the previous financial year to $1.6 billion, up from $400 million a previous year.
“We’ve been growing and growing and increasing, but we also recognise that we’ve had a number of difficult years,” Mr Mantle said.
Mr Mantle and Mr Ruddle said the ad technology and media business was not going to go away.
“This is our future, and we are very committed to being a part of it,” he said.
The company, which was founded in 2013, is also working with a number in the media industry to help them grow and grow.
“Odu has a great relationship with the media, and with the ad industry and with media and technology, and this is going to continue to help us continue to grow,” Mr Hutt said.
He said the new company would also have some advertising revenue from other sources.
“Our advertising business is a fantastic example of our ability to adapt, and I think we will continue to be a key player in the advertising space,” he added.
Mr Hutt and Mr Mackle said there would be a new ad tech unit for advertising in 2017, with the new unit being developed by a company called Oduo Media.
“There’s a number, hopefully five, that will come together and it will be a group of five,” Mr Furlong said.