San Francisco | In a surprising move signalling continued consolidation in the North American digital signage market, Creative Realities (CRI) has acquired Cineplex Digital Media (CDM) for approximately USD 50 million (CAD 70 million). The all-cash transaction is effectively doubling CRI’s size and expanding its footprint beyond the U.S. into Canada.
M&A: CRI Doubles Size with Acquisition of CDM
Toronto-based Cineplex Digital Media (CDM) is one of Canada’s leading digital signage integrators and a major player in Digital Out-of-Home (DooH) media. Specializing in five key verticals – QSR, banking, retail, malls, and lottery – CDM generated around USD 40 million in revenue in 2024 and is on track for 25% growth in 2025, with 60% of its revenue recurring.
The company manages 30,000 digital signage endpoints across 6,000 locations, serving clients such as AMC Theatres, Tim Hortons, Scotiabank, RBC, and soon the North Carolina Education Lottery retail network. The deal also includes Canada’s largest mall-based DooH network, featuring 750+ screens.
Strategic Impact and Growth Outlook
For Creative Realities, the acquisition is supposed to be more than a scale play – it’s a strategic expansion into new markets and revenue streams. CEO Rick Mills expects the combined organization to surpass USD 100 million in revenue by 2026, with Adjusted EBITDA margins in the high teens, eventually exceeding 20% once synergies are fully realized.
The acquisition was financed through a mix of debt and equity, including a USD 36 million senior term loan. CDM’s key operating leaders will remain with the company, ensuring continuity and leveraging local expertise as CRI integrates operations.
invidis Comment: CRI’s Bold Move Shakes Up North American Digital Signage
CEO Rick Mills surprised the industry with today’s announcement of Creative Realities acquiring Cineplex Digital Media (CDM). While CDM was widely seen as a likely candidate for sale, few expected CRI to emerge as the buyer. For months, industry chatter painted CRI as vulnerable – its low market cap and tensions with a rebellious shareholder fueled persistent rumors of a potential sale rather than expansion.
Instead, CRI has flipped the narrative. By acquiring CDM, the U.S.-based integrator doubles its annual revenue and secures a strong foothold in Canada, including a major DooH network and marquee clients across QSR, banking, and retail. This is more than just a growth play: CRI is driving consolidation, not being consumed by it.
The deal also comes with a layer of familiarity. CRI’s Chief Strategy Officer, George Sautter, spent more than a decade in senior roles at CDM, giving CRI insider knowledge of the business and its culture. That could prove invaluable as integration begins.
With pro-forma revenues projected to exceed $100 million by 2026, CRI is positioning itself as a serious contender in the North American digital signage market. For an industry where scale and recurring revenue increasingly define success, this move signals that CRI is not just surviving – it’s playing an active role in the consolidation wave.
