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Telenor: Telenor to acquire marketing technology firm Tapad

(Fornebu, Norway, 1 February 2016) - Telenor Group has on 29 January 2016 entered into an agreement to acquire approximately 95% of Tapad Inc., a leading marketing technology firm. The purchase price is USD 360 million, on a debt and cash-free 100% basis. The acquisition enables Telenor to take a position within the rapidly growing market for advertising technology, and secures important competence within digital marketing and analytics.Tapad, a New York-based startup, was established in 2010 by Norwegian
entrepreneur Are Traasdahl, the company's Chief Executive Officer. The
company delivers unified cross-device marketing technology solutions that
give publishers, marketers and technology providers a holistic view of
consumers across devices and screens, including smartphones, tablets, home
computers and smart TVs. Traasdahl and his Norwegian co-founder, Dag Liodden,
have together retained a 5% stake in Tapad.

"With the acquisition of Tapad, Telenor Group is taking a position within the
rapidly growing market for advertising technology, and securing important
competence within digital marketing and analytics. I believe significant
value can be created from applying marketing technology to improve the
digital capabilities of our core telecom business. This will improve our
understanding of customer behaviour, and supports building a platform for
other business areas,'' says Sigve Brekke, Chief Executive Officer of Telenor

Tapad is a market leader in the U.S., providing an accurate and unified
approach to connecting with consumers across screens. Tapad's innovative
device management solution, The Tapad Device GraphTM, assimilates billions of
data points from different devices and platforms, and helps customers
recognize, measure and monetize their audiences across all of their internet
connected devices, while at the same time respecting data privacy.

"We are thrilled to join the Telenor family. With more than 200 million mobile
subscribers in 13 markets, Telenor is one of the largest and most successful
telecom companies globally. I am excited by what this acquisition means for
our employees, our partners and our continued growth. This will accelerate
our vision to become the worlds' leading provider of unified digital
marketing solutions," says Are Traasdahl, CEO and founder of Tapad.

Within its media business, Tapad currently has more than 160 of the top U.S.
brands among its customers and benefits from over 50 data technology
licensing partnerships. In 2015, the company is expected to report[1]revenues
of USD 57 million, growing at 70% compared to 2014, and an EBITDA loss of USD
12 million. In 2016, revenues are estimated to increase to around USD 90
million. Telenor expects Tapad to reach EBITDA break-even in 2017. Tapad has
approximately 160 employees, with offices in 13 key cities in the U.S. and

The digital advertising market is sizeable and fast-growing, with mobile
advertising driving the growth. The total global market amounted to
approximately USD 160 billion in 2015[2]. The market has seen a rapid
development in recent years with the rise of algorithmic and automated buying
at the expense of traditional advertising networks. This shift has enabled
digital marketing operations, increasing the value of granular user data. The
US digital advertising market is the most developed in terms of market size
and competence. As emerging advertising markets are still small and
underdeveloped, Telenor believes there are solid growth opportunities in both
Tapad's established markets and within Telenor's footprint in emerging

Telenor's ambition is to deliver a broad range of relevant, personalized and
engaging digital services for our customers, as well as to improve efficiency
by further digitizing our core business, including important areas like
sales, marketing and distribution. Telenor has previously taken positions
within new digital business areas within the Internet of Things, Online
Classifieds and Financial Services. The acquisition of Tapad will give
Telenor a solid position within advertising and marketing technology and
strengthen Telenor's data analytics capabilities significantly.

The main sellers are Are Traasdahl and his investment company Spring Capital
(in total 46.5%), FirstMark Capital, Firsthand Technology, Avalon Ventures,
WPP and Metamorphic Ventures.

Tapad will be operated as a stand-alone company. Traasdahl, the current CEO of
Tapad, and Dag Liodden, co-founder and CTO, will maintain their positions.

The closing of the transaction is subject to regulatory approvals. Closing is
expected in first quarter 2016.

Investor Relations
Marianne Moe, Head of Investor Relations,marianne.moe@telenor.com, (+47) 916
17 631

Helge Øien, Investor Relations Manager,helge.oien@telenor.com, (+47) 913 19

Media Relations
Atle Lessum, VP Telenor Group Communications;al@telenor.com, (+47) 415 05 645


New York-based Tapad Inc is a leading marketing technology firm, renowned for
its breakthrough, unified, cross-device solutions.

---------------------------------------[1]2015 figures yet to be audited.
[2]Source: Magna Global


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Telenor via Globenewswire


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