Adform acquires Splicky: why this DOOH deal reshapes European ad tech

Adform announced on December 18, 2025, an agreement to acquire Splicky, the advertising technology division of Goldbach Group. The transaction positions the Copenhagen-based demand-side platform to expand its omnichannel media buying capabilities across German-speaking markets while adding specialized expertise in Digital Out-of-Home advertising.

The acquisition brings together two companies with different but complementary strengths. Adform operates a global media buying platform serving advertisers and agencies across display, video, audio, connected television, and additional programmatic formats. Splicky, founded in Berlin and operating as a subsidiary of Goldbach Group AG, has built recognition across Germany, Austria, and Switzerland as a specialist in DOOH programmatic transactions.

Closing of the transaction is planned for December 31, 2025, subject to customary conditions that both companies are actively working to complete.

Strategic rationale for the acquisition

The deal addresses several market dynamics that have shaped programmatic advertising in recent years. Advertisers increasingly seek unified platforms capable of planning, activating, and measuring campaigns across multiple channels without requiring separate technology relationships for each format. This demand has accelerated consolidation among advertising technology providers, particularly in specialized segments like digital out-of-home.

Splicky maintains approximately 200 customer relationships with agencies and advertisers throughout the DACH region. These partnerships, some of which extend across multiple years, represent established business relationships that Adform can immediately serve through its expanded platform. The customer base provides immediate scale in markets where Adform has maintained presence but sought deeper penetration.

According to the announcement, Splicky has operated as the preferred partner for programmatic access to proprietary inventory across the Goldbach and Tamedia portfolios. This relationship creates supply-side advantages that distinguish Splicky from platform-only providers lacking direct publisher integrations.

Troels Philip Jensen, CEO of Adform, stated that the combination ensures increased scale that benefits clients of both organizations. He characterized the acquisition as strengthening Adform's position in the DACH region while adding important Digital Out-of-Home capabilities and accelerating expansion into high-growth emerging channels.

DACH market significance

The German, Austrian, and Swiss advertising markets collectively represent significant programmatic spending within Europe. European digital advertising reached €118.9 billion in 2024 with 16% year-over-year growth, with Germany alone accounting for €17.9 billion. Austria demonstrated particularly strong performance, achieving 17.8% growth rates during the same period.

The DACH region has developed sophisticated programmatic infrastructure earlier than many European markets. Advertisers in these countries have adopted data-driven buying practices, audience targeting methodologies, and measurement frameworks that create demand for advanced platform capabilities. This maturity makes the market attractive for technology providers seeking established advertiser bases rather than nascent adoption cycles.

Goldbach has operated as a significant advertising technology player in Switzerland for decades. Tamedia acquired Goldbach Group in 2018 at CHF 35.50 per registered share, combining operations with Neo Advertising to create comprehensive advertising coverage across television, digital, and out-of-home channels. This history provides Splicky with deep institutional knowledge of regional market dynamics.

Christoph Marty, CEO of Goldbach Group, expressed satisfaction with the transition, noting that Adform represents an environment entirely focused on advertising technology and the ecosystem relevant to Splicky's operations.

DOOH market expansion

Digital out-of-home advertising has experienced sustained growth as programmatic capabilities bring automated buying to outdoor formats. Adform clients expanded DOOH spending by 118% year-on-year during Q1 2025, demonstrating accelerating advertiser interest in the channel. Industry forecasts project global DOOH spend will reach more than £14 billion ($19 billion) in 2025 and exceed £18 billion ($25 billion) by 2029.

The Splicky acquisition arrives after Adform introduced its DOOH planner within Adform FLOW in June 2025. That tool covers 15 markets and features an inventory discovery interface with screen location visualization. The combination with Splicky's existing DOOH relationships adds depth to capabilities that Adform had already prioritized.

Splicky's DOOH expertise addresses specific technical requirements that differentiate outdoor advertising from other programmatic channels. Screen inventory requires geographic targeting, dayparting optimization, and measurement methodologies distinct from browser-based display advertising. Agencies operating DOOH campaigns often seek partners with specialized knowledge rather than generalist platforms treating outdoor as secondary to digital formats.

Sven Ruppert, Managing Director of Splicky, emphasized that the combined organization will continue focusing on innovation and close customer relationships. He highlighted a common vision between the companies: offering European advertisers an alternative to large American technology companies.

Competitive positioning in European programmatic markets

The transaction occurs during a period of significant transformation in the programmatic advertising landscape. Microsoft announced plans to discontinue its Xandr DSP platform effective February 28, 2026, citing a strategic pivot toward AI-driven advertising solutions. This decision removes a major player from the demand-side platform market and creates opportunities for remaining platforms to capture displaced demand.

Jochen Schlosser, Chief Technology Officer at Adform, addressed these competitive dynamics in industry discussions earlier in 2025. He noted that concentration among demand-side platforms has increased significantly, with limited independent options remaining in European markets. The departure of Microsoft from independent DSP operations leaves fewer alternatives for advertisers seeking platforms outside the major walled gardens operated by Google, Meta, and Amazon.

This competitive environment shapes the strategic logic behind acquisitions like Splicky. Independent platforms must achieve sufficient scale to maintain technology development, geographic coverage, and service capabilities while competing against significantly larger global competitors. Regional expertise and specialized channel capabilities, such as DOOH, provide differentiation that pure scale advantages cannot easily replicate.

Publisher relationships and supply-side integration

The acquisition includes Splicky's established relationships with publishers across the DACH region. These connections span the Goldbach and Tamedia portfolios, providing access to inventory sources not universally available through open programmatic exchanges.

Publisher relationships have become increasingly valuable as advertisers prioritize supply path optimization. Direct connections between demand-side platforms and publishers reduce intermediary fees, improve transaction transparency, and enable access to premium inventory that publishers may restrict from broader distribution. Splicky's position within the Goldbach ecosystem provided these advantages to its clients.

Goldbach integrated Magnite's streaming SSP and SpringServe ad server in 2023 to enable advertisers to deliver ads effectively across devices and video providers. This technical infrastructure demonstrates the company's investment in programmatic capabilities beyond traditional advertising approaches.

The transition to Adform ownership will determine how these publisher relationships evolve. Integration with Adform's global platform could extend these inventory sources to a broader advertiser base while maintaining the direct connection benefits that differentiated Splicky's offering.

Implications for marketing professionals

The Splicky acquisition carries several implications for agencies and advertisers operating in European markets. First, it signals continued consolidation among independent advertising technology providers. Companies seeking to compete effectively against global platforms require scale that individual market positions often cannot support.

Second, the transaction highlights DOOH as a strategic priority for platform operators. The channel's growth trajectory and technical distinctiveness have attracted acquisition interest, similar to patterns observed across connected television and retail media segments. Broadsign acquired Place Exchange in November 2025, expanding its programmatically transactable inventory network to 1.8 million screens globally. Perion Network acquired Hivestack for $100 million in cash plus performance-based payments of up to $25 million, establishing significant DOOH market presence.

Third, the emphasis on providing alternatives to American technology companies reflects ongoing European market dynamics. Regulatory pressures, data sovereignty concerns, and competitive nationalism have created demand for regional technology providers. Whether this sentiment translates into sustained commercial advantage remains uncertain, but it shapes strategic positioning and messaging across the sector.

For agencies managing DOOH campaigns in German-speaking markets, the acquisition creates potential for enhanced capabilities through Adform's broader technology stack. Planning tools, measurement frameworks, and optimization algorithms developed for other channels may extend to outdoor advertising through this combination.

Financial terms and transaction structure

Neither Adform nor Goldbach disclosed financial terms of the acquisition. This opacity prevents precise assessment of the transaction's scale relative to other industry consolidation activity.

The structure involves Goldbach divesting its advertising technology division while retaining other business operations. This separation suggests strategic decisions about focus areas and resource allocation within the broader Goldbach and Tamedia organization. Advertising technology requires sustained investment in platform development, competitive positioning, and talent retention that may not align with priorities elsewhere in the parent company structure.

The December 31, 2025 target closing date provides limited time for completion of customary conditions. This timeline suggests both parties have substantially prepared the transaction prior to public announcement, reducing execution risk associated with extended regulatory or operational review periods.

European advertising technology consolidation patterns

The Splicky acquisition fits within broader consolidation patterns reshaping European advertising technology markets. Multiple factors drive this activity: competitive pressure from global platforms, technology investment requirements, and advertiser demand for integrated capabilities.

Bauer Media completed its acquisition of Clear Channel Europe-North for $625 million in April 2025, adding 110,000 advertising sites across 12 European countries. That transaction brought out-of-home advertising capabilities to Bauer Media's existing audio and publishing divisions, creating cross-platform advertising solutions.

Azerion Group acquired Goldbach Austria in November 2024, strengthening its position in DACH region digital advertising markets. The Dutch digital advertising and entertainment platform integrated Goldbach Austria's television, online, mobile, and digital out-of-home capabilities into its existing operations.

These transactions demonstrate ongoing restructuring as companies seek positions sustainable in competitive markets dominated by large global operators. The pattern suggests additional consolidation activity likely in coming years as remaining independent players evaluate strategic options.

Technology integration considerations

Combining technology platforms requires careful execution to preserve capabilities while achieving integration benefits. Splicky's infrastructure, developed specifically for DOOH programmatic transactions, must integrate with Adform's existing systems without disrupting client service or degrading performance.

Adform operates what it describes as an end-to-end media buying platform covering multiple channels and formats. The company has invested in technology development including support for Global Privacy Control signals in browsers and Dynamic CPM bidding optimization for hybrid auction environments. These capabilities demonstrate ongoing platform evolution that Splicky functionality must join.

The integration approach will determine whether the combined organization achieves promised synergies or encounters operational challenges that diminish transaction value. Technology integrations frequently prove more complex and time-consuming than initially projected, particularly when combining systems designed for different use cases.

Market context and outlook

The programmatic advertising industry continues experiencing rapid change. Privacy regulations, platform policy modifications, and technology evolution create persistent uncertainty for market participants. Companies must adapt continuously while maintaining operational stability and client service quality.

The DOOH segment offers relative stability compared to browser-based advertising facing cookie deprecation concerns. Outdoor advertising does not rely on individual user tracking mechanisms subject to regulatory restriction or platform policy changes. This characteristic makes DOOH attractive to advertisers seeking addressable channels with lower privacy compliance complexity.

European markets present specific opportunities and challenges for advertising technology providers. Regulatory frameworks including GDPR create compliance requirements that some view as competitive moats for European-based providers with established compliance infrastructure. Others see these requirements as operational burdens that disadvantage smaller players lacking resources for comprehensive compliance programs.

The transaction positions Adform to benefit from DACH market growth while adding capabilities in a channel experiencing sustained advertiser interest. Whether this strategic logic translates into commercial success depends on execution quality, market evolution, and competitive dynamics that remain uncertain.

Timeline

• December 31, 2025 (planned): Adform acquisition of Splicky scheduled to close
• December 18, 2025: Adform announces agreement to acquire Splicky from Goldbach Group
• November 25, 2025: Broadsign acquires Place Exchange, expanding programmatic DOOH reach to 1.8 million screens
• November 2024: Azerion Group acquires Goldbach Austria, expanding digital advertising presence in DACH markets
• June 18, 2025: Adform launches DOOH planner with inventory visualization across 15 markets
• May 14, 2025: Microsoft announces Xandr DSP closure effective February 2026
• April 2, 2025: Bauer Media completes Clear Channel Europe-North acquisition for $625 million
• February 2025: Perion unifies technologies under Perion One platform following Hivestack integration
• December 2023: Goldbach integrates Magnite streaming SSP and SpringServe ad server
• December 13, 2023: Perion acquires Hivestack for $100 million
• 2018: Tamedia acquires Goldbach Group, expanding Swiss advertising market position

Summary

Who: Adform, a Copenhagen-based independent media buying platform, announced the acquisition of Splicky, the advertising technology division of Goldbach Group AG, one of Switzerland's largest advertising marketers. Key executives include Troels Philip Jensen, CEO of Adform; Christoph Marty, CEO of Goldbach Group; and Sven Ruppert, Managing Director of Splicky.

What: Adform agreed to acquire Splicky to strengthen its omnichannel platform with deep local market expertise and DOOH capabilities in the DACH region. The transaction includes Splicky's customer relationships with approximately 200 agencies and advertisers, programmatic access to Goldbach and Tamedia inventory portfolios, and specialized expertise in Digital Out-of-Home advertising. Financial terms were not disclosed.

When: The acquisition announcement was made on December 18, 2025. Closing is planned for December 31, 2025, subject to customary closing conditions that both companies are actively completing.

Where: The transaction impacts operations across Germany, Austria, and Switzerland, which comprise the DACH region. Adform is headquartered in Copenhagen, Denmark, with global operations across multiple markets. Splicky was founded in Berlin and operates as a subsidiary of Goldbach Group AG, headquartered in Switzerland.

Why: The acquisition addresses advertiser demand for unified omnichannel media buying platforms capable of activating campaigns across display, video, audio, connected television, and DOOH formats. It strengthens Adform's competitive position against global platforms following Microsoft's Xandr DSP closure announcement, adds specialized DOOH capabilities during a period of strong channel growth, and positions both companies to offer European advertisers an alternative to large American technology companies.