Venture-backed Chango to be sold to Rubicon Project for $122 mln

Canadian intent marketing technology startup Chango Inc has agreed to be sold to Rubicon Project (NYSE: RUBI), a U.S. advertising automation platform. The total consideration is about US$122 million, including contingent consideration, primarily in stock. The Toronto-based Chango, which was last year identified by Deloitte as one of Canada's fastest growing technology companies, has since 2009 raised about US$20 million in venture capital. Its backers include iNovia Capital, Rho Canada Ventures, Metamorphic Ventures, Mantella Venture Partners and Extreme Venture Partners. Rubicon said the acquisition, which is due to close in the second quarter, will enable the expansion of its premium advertising marketplace.

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