The ESL market leader is moving beyond store infrastructure. By acquiring Spanish retail media specialist In-Store Media, Vusion gains access to 90 retailers, 1,600 brands and a €120 million revenue business – accelerating its ambition to monetize physical stores at scale.
Retail Media: Vusion Acquires In-Store Media
Vusion Group (formerly SES Imagotag) is taking a strategic step beyond electronic shelf labels and connected store infrastructure. The French retail technology company has signed an agreement to acquire In-Store Media (ISM), one of Europe’s largest specialists in in-store retail media.
Founded in Barcelona in 1998, ISM has built a substantial international business around retail advertising and shopper marketing. The company operates in nine countries across Europe, Latin America and Asia, serving more than 90 retailers and working with over 1,600 consumer brands. ISM generated approximately EUR 120 million in revenue in 2025 with strong profitability.
The transaction remains subject to regulatory approval and customary closing conditions. Vusion plans to finance the acquisition through debt.
From infrastructure provider to media network operator
The acquisition marks an evolution of Vusion’s business model. For years, the public company partly owned by BOE has successfully transformed itself from an ESL vendor into a broader connected-store platform provider. Its technology portfolio now includes ESLs, large epaper displays, digital signage displays, computer vision, store analytics and cloud-based retail management solutions.
With ISM, Vusion is moving further up the value chain.
Rather than merely supplying the digital infrastructure, the French company is positioning itself as an enabler – and potentially operator – of retail media networks inside physical stores. The acquisition adds advertising expertise, media inventory management and long-established relationships with both retailers and brand advertisers.
Retail Media next growth engine for Vusion
Retail media has become one of the fastest-growing segments in advertising over the past five years. Most investments have flowed into online retail platforms, where retailers monetize their websites, apps and e-commerce marketplaces.
Yet physical stores still account for the overwhelming majority of shopper visits and purchasing decisions. This is where Vusion sees the opportunity.
ISM brings extensive experience in this area. The company offers more than 50 retail media formats, covering both traditional and digital in-store advertising solutions across supermarkets, hypermarkets, shopping centers, department stores and specialty retail environments.
Strategic fit with Vusion’s connected store vision
For Vusion, the acquisition appears highly complementary.
The company already provides much of the hardware and software infrastructure necessary for digital retail media deployments. ISM contributes the missing layer: media sales expertise, campaign execution capabilities and advertiser relationships.
Together, the two companies aim to create a platform that connects retailers, brands and shoppers through measurable in-store activation.
Analysis: Vusion moves up the retail media value chain
Vusion is facing growing competition in the ESL market. While the French retail technology provider – with French and Austrian roots – remains the undisputed market leader, having deployed more than 600 million electronic shelf labels worldwide, the company understands that future growth will not come from hardware alone.
Both at NRF in New York and Euroshop in Düsseldorf, Vusion demonstrated how far its portfolio has evolved beyond electronic shelf labels. Alongside e-paper posters and category signage, the company is increasingly investing in software, data services, computer vision, and AI-powered retail solutions. The Vusion-vision is clear: transform stores from operational environments into connected digital platforms.
Against this backdrop, the acquisition of Spanish retail media specialist In-Store Media (ISM) is a logical next step.
With approximately €120 million in annual revenue and an extensive network of retailers and advertising brands, ISM adds a new dimension to Vusion’s hardware business. Compared to Vusion’s 2025 revenue of around €1.5 billion, the acquisition is financially manageable, yet strategically significant. More importantly, it brings capabilities that Vusion could not easily build organically: media sales expertise, advertiser relationships, and operational know-how in monetizing physical retail environments.
The transactions shows, that the traditional boundaries between ESL/display networks, data platforms, store infrastructure, and advertising ecosystems are rapidly disappearing. Retailers increasingly view displays, ESLs, and in-store communication systems not only as tools for pricing and operations but as potential media channels capable of generating incremental revenue.
In this environment, ownership of the network becomes more valuable than ownership of the hardware. The real prize is no longer the screen on the shelf edge but the ability to control, manage, and monetize shopper attention across thousands of locations.
By acquiring ISM, Vusion gains access not only to retail media expertise but also to a mature commercial platform operating across Europe, Latin America, and Asia. The acquisition strengthens the company’s position against both traditional ESL and digital signage vendors as well as a growing group of retail media specialists competing for a share of retailers’ advertising budgets.
Ultimately, the transaction suggests that Vusion’s ambitions extend well beyond connected store infrastructure. The company increasingly wants to participate in the economics of retail media itself.