LOS ANGELES—Cineverse Corp. has announced the acquisition of IndiCue, Inc., a profitable advertising technology company, that it says marks a major milestone in Cineverse's evolution into a streaming infrastructure company that builds and operates streaming platforms around the world. .
The acquisition was financed through a combination of cash, deferred consideration, and performance-based earnouts, with total potential consideration of up to $40.0 million, including $22.0 million in base consideration and up to $18.0 million tied to future performance milestones, Cineverse reported.
Cinever said that IndiCue's advertising and monetization capabilities are being integrated into Cineverse's Matchpoint platform, which will allow Cineverse to operate a unified system spanning content preparation, distribution, monetization, reporting, and real-time performance optimization across FAST, AVOD, Connected TV (CTV), and all ad-supported streaming environments.
"This represents a key leap forward for Cineverse, with IndiCue adding a strategically important monetization component that, when combined with our existing Matchpoint platform suite, gives us a near end-to-end technology platform whose high level of automation provides a significant competitive advantage by dramatically lowering costs while providing higher operational efficiency than any competitor out there," said Cineverse chairman and CEO Chris McGurk.
He added, "The acquisitions of IndiCue and Giant Worldwide have largely completed our strategy to build a comprehensive, scalable infrastructure solution for the entertainment industry, and transform our company, which – alongside our studio operations – is now in position to thrive, with a strong balance sheet and high-growth recurring revenue, margin and income profile. IndiCue strengthens the execution layer of our business, adding profitable, recurring monetization infrastructure that scales as volume and complexity increase across the streaming ecosystem."
IndiCue is a proprietary connected television (CTV) monetization platform that provides streaming publishers and operators with the technology infrastructure to manage, optimize, and grow their advertising revenue across FAST, AVOD, and ad-supported streaming environments.
The company operates an integrated ad technology stack that includes ad serving, supply-side platform (SSP), demand-side platform (DSP), and server-side ad insertion (SSAI) capabilities, all built on high-performance bare metal infrastructure designed for low operational costs, speed, reliability, and scale.
Founded in 2023, IndiCue has rapidly scaled to more than 40 live clients, with 75 additional publishers currently being onboarded. IndiCue is expected to generate approximately $38 million in revenue and $9.6 million in EBITDA in calendar year 2026, representing a 25% EBITDA margin and immediate accretion at close, reflecting the operating leverage of transaction-driven CTV advertising infrastructure.
IndiCue's customer base includes major media companies such as IMAX, Freecast, Cannella Media, Loop Media, KTSF, and Dial Up Media, as well as many independent FAST and AVOD platforms and other streaming content distributors.
Cineverse reported that the deal will materially improve its finances by providing scalable, recurring technology revenue and expanding operating leverage. As a result of the deal, Cineverse said Fiscal Year 2027 revenue is expected to reach $115-$120 million, with technology platforms representing more than 50% of total revenue. Adjusted EBITDA or earnings before interest taxes depreciations and amortization is expected to reach $10-$20 million in Fiscal Year 2027.
IndiCue is EBITDA-positive at close and is expected to contribute approximately $38 million of annualized revenue beginning in Fiscal Year 2027 (commencing April 1, 2026), Cineverse also reported.
