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Chicago Tribune: MediaBank to merge with N.Y. counterpart

September 27, 2011

Chicago-based advertising technology firm MediaBank is merging with its rival, New York-based Donovan Data Systems, to create a new company called MediaOcean.

MediaBank was co-founded by Brad Keywell and Eric Lefkofsky, who have launched several business-to-business companies in Chicago. Lefkofsky is the largest shareholder. Keywell and Lefkofsky are also known as early backers of Groupon and now run Lightbank, a local technology investment firm.

MediaBank and DDS said they plan to "create a single, neutral and universal operating system for advertising technology." The companies specialize in software for advertising agencies that helps them manage their media buying and finances, among other functions.

MediaOcean will be headquartered in New York and have a combined headcount of about 800 employees spread across three continents. MediaBank has about 100 employees in Chicago that will stay local.

Bill Wise, the chief executive of MediaBank, will be chief executive of the merged company. DDS Founder and Chairman Michael Donovan will be executive chairman of MediaOcean.

Via Chicago Tribune