Sep 23, 2021, 13:25 ET
GRAND CAYMAN, Cayman Islands, Sept. 23, 2021 /PRNewswire/ -- Umbrella Network (https://www.umb.network/), the decentralized Layer-2 oracle solution, announced today the acquisition of Lucidity, a leading blockchain-based digital advertising oracle. The acquisition was completed in August 2021 for an undisclosed amount. This deal will be accretive to Umbrella Network as early as Q1 2022. At the time of this transaction, Lucidity had processed over 600 million transactions, with significant transaction growth anticipated this year. With Lucidity's integration, the Umbrella Network will now be the highest transaction volume oracle in the world, achieved through its unique design that allows the aggregation of data.
In digital advertising, over $30 billion dollars are wasted every year and advertisers are demanding transparency. Lucidity's technology solves this problem by unlocking transparency capabilities from a campaign perspective down to the most granular element of a single ad - this allows advertisers to identify and eliminate waste, focus on audiences and publishers that are most effective, and remain compliant with rules and regulations. Built on the Ethereum blockchain, it resolves data discrepancies so reconciling billing is faster, fraud and waste are eliminated, and enables transparent supply chain evaluation so advertisers know exactly where their budgets are going.
Lucidity clients come from a variety of industries such as Hyundai Genesis in auto, tourism like Grand Junction, Colorado, and QSR like KFC. In the initial phases following the acquisition, Lucidity customers will be powered by Umbrella Network, making it the largest scale oracle in the ecosystem. Clients will receive an augmented suite of technology tools including untapped on-chain data that will improve the digital media buying experience by eliminating waste (time) and optimizing their supply chain. By using Lucidity, advertisers will save an average of 30% on ad buys per campaign.
"Lucidity is delivering marked improvements in the performance of advertising campaigns for its current client base by taking off-chain data stored in multiple centralized databases and moving it to the blockchain securely," said Sam Kim, Partner at Umbrella Network. "By combining its advanced analytical capabilities with Umbrella's oracle network, we will be able to deliver unparalleled insights to marketers."
In addition to an initial integration phase, Lucidity will fully upgrade its technology to be compatible with Umbrella Network.
"For a long time, the advertising industry did not have access to the technology needed to combat the problematic issue of data manipulation, which causes ad fraud," said David Moore, CEO of Britepool, former Chairman and CEO of 24/7 Real Media that was acquired by WPP, and Advisor to Lucidity. "Now that Lucidity is becoming a part of the Umbrella Network, we have access to the long-awaited blockchain technology that will empower the protection of our essential data by bringing it on-chain, which will help to bring increased transparency and efficiency in campaigns. This is a powerful, win-win combination that will enhance the advertising industry while protecting consumer privacy in the years to come."
"Speed, size, transparency, and capability are the most important metrics marketers need to be able to analyze and produce high-quality campaigns," said Jonathan Jacoby, Digital Transformation Director at Space Agency. "We're excited Lucidity is now in combination with Umbrella Network because it means we will have access to both latency and extremely high volumes of data without sacrificing the privacy or security of our clients. This technology delivered such compelling results for us and our client Samsung that we submitted our work together for the upcoming 2021 IAB MIXX awards."
"We've seen transparency become one of the critical priorities for our brands," said Kristi VandenBosch, President of OLIVER U.S and former Global Head of Revlon's Center for Digital Excellence. "As the world leader in designing and operating in-house agency capabilities for global brands, we are acutely aware of the need for cutting-edge technology support, to drive value, increase visibility, and help brands hold their tech vendors accountable. Lucidity and Umbrella Network are exactly the kind of solutions the industry needs, and brands are asking for."
"The industry needs transparency solutions that will create value for media buyers, which is why we are thrilled to see Lucidity and Umbrella Network join forces," said Lauren Denton, Head of Dentsu Programmatic at Dentsu.
"As an early supporter of supply chain transparency, Xandr remains committed to improving visibility into programmatic media transactions. We are excited to partner with Umbrella Network as they bring innovative technological and data benefits to the advertising industry," said Alex Chatfield, VP of Marketplace Development at Xandr.
Following this acquisition, Umbrella Network will continue to explore opportunities to expand into other markets that can benefit from the unique technological benefits it brings to the market including supply chain, manufacturing, legal, entertainment, and gaming.
Lucidity's intellectual property portfolio currently includes patents pending for decentralized finance applications and non-fungible token deployment in digital advertising, which will help to automate industry-specific smart contract creation and adaptability, as well as work to foil the deep-fakes and creative authentication using NFTs. These will add to Lucidity's current portfolio of patents pending including Application US16/271,534, a Scalable Decentralized Digital and Programmatic Advertising Analytics System, and Application US16/434,159, a Systems and Methods for Enforcing Advertising Standards and Digital Advertisement Measurements.
To learn more about Umbrella Network please visit: https://www.umb.network/
About Umbrella Network
Umbrella Network is a community-owned Layer-2 oracle network that batches data for providing low-cost, scalable, and secure data. It utilizes the advances in Merkle tree technology to write multiple data points on a single on-chain transaction, making batching data to smart contracts more accurate and cost-effective. Umbrella network believes a community-owned oracle solution is essential to creating a truly decentralized financial system.
Lucidity is the leading blockchain solution that provides transparency for the digital advertising industry. With the power of blockchain and cryptography, Lucidity delivers indisputable transparency to advertisers who now possess a unified and authenticated view of every single ad. Lucidity's blockchain technology handles the scale of digital advertising while maintaining the privacy advertisers require.
SOURCE Umbrella Network
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