Vertiseit is making waves in Germany with its acquisition of Muse Content, adding in-store audio and GenAI to its growing portfolio. The deal strengthens Vertiseit’s IXM platform and positions the group as a leader in immersive retail experiences.
Screens, Sound, and AI: Vertiseit Acquires Muse
Scandinavian digital signage powerhouse Vertiseit is strengthening its position in the German market with the acquisition of Muse Content GmbH, a Hamburg-based agency specializing in digital signage and in-store audio. The deal includes Muse’s GenAI platform StokedAI, signalling Vertiseit’s commitment to integrating GenAI into its in-store experience offerings.
Muse CEO Marco Burkhardtsmayer, a well-known figure in the German signage scene, will join Vertiseit subsidiary Grassfish as Chief Experience Officer (CXO), while co-founder Filip Mitov will lead Vertiseit’s newly established in-store audio division at Visual Art. This move follows Vertiseit’s acquisition of Visual Art last year and MDT earlier this year, making Muse the Swedish group’s second major German acquisition.
Strategic expansion along the value chain
With Muse, Vertiseit adds in-store audio and GenAI capabilities to its portfolio, complementing Visual Art’s agency expertise and enhancing the group’s IXM platform for in-store experience management. The acquisition positions Vertiseit as the likely largest digital signage-focused agency in Germany, while adding audio to its portfolio catching up with competitors like M-Cube and Zeta Display.
Muse generated approximately €3 million in revenue in 2024, including €0.8 million ARR, with an EBITDA margin of around 25%. The transaction, completed on a cash and debt-free basis, values Muse at €3.4 million, corresponding to a multiple of 4.5x EBITDA and 4.25x ARR. Notably, 35% of the purchase price was paid in shares.
AI and audio: the next frontier
Muse’s StokedAI platform and AI-generated music library will complement Vertiseit’s existing digital signage solutions, unlocking new revenue streams and creating richer in-store experiences. For Vertiseit, AI-generated audio messaging and instore-music is a logical next step in an increasingly competitive market. As AI reshapes content creation and customer engagement, Vertiseit is betting on connected, multi-sensory experiences as the future of retail media.
The valuation corresponds to an effective multiple of 4.5x EBITDA and 4.25x ARR. It should be noted that 35% of the purchase price was paid in shares. This means Vertiseit is paying a similar multiple to MDT (4.3) – although MDT was an all-cash deal.
