Vusion Closes In-Store Media Purchase With €200 Million Bridge Facility

Vusion announced on October 29, 2026 that it has completed its acquisition of In-Store Media (ISM), a Barcelona-based company that designs, deploys and monetizes retail media networks inside physical stores, following the agreement announced on July 27, 2026 and the satisfaction of all conditions precedent, including the receipt of the required regulatory approvals.

The acquisition is financed through a bridge financing facility with total commitments of €200 million, an initial maturity of 12 months and two six-month extension options.

Vusion describes itself as the global leader in AI-powered digitalization solutions for physical commerce and states that it serves more than 350 major retail groups. Founded in 1998, ISM holds long-standing relationships with 90 retail banners and more than 1,600 brands, with a track record in nine countries across EMEA, the Americas and Asia-Pacific. Its coverage spans hypermarkets, supermarkets, shopping centres, department stores and specialty stores in Spain, France, Portugal, Italy, Poland, Mexico, Argentina, Chile and the Philippines.

Vusion states that the acquisition strengthens retail media as a core pillar of its connected store platform. The company characterizes physical stores as an underdeveloped retail media channel, saying they capture less than 3% of retail media spending despite significant shopper traffic and proximity to purchasing decisions. According to the company, the combined businesses aim to help retailers and brands better understand in-store audiences, deliver more relevant content and adapt campaigns in real time, while making in-store media easier to integrate into brands’ omnichannel campaigns and its impact on sales easier to measure.

Chairman and CEO Thierry Gadou said the two companies “share the same vision that physical stores will be the next great digital media,” adding that they now have the opportunity to combine Vusion’s connected store platform with ISM’s retail media expertise. ISM CEO Fernando de Vicente said, “Joining Vusion is a tremendous opportunity for our teams and customers,” pointing to the partnerships with retailers and brands on which he said ISM built its business.

July Agreement and Advisers

Vusion first announced the signing of the agreement to acquire ISM on July 27, 2026. In that announcement, the company reported that ISM generated revenue of approximately €120 million in 2025 with what it described as robust profitability, and that ISM had developed a portfolio of more than 50 print and digital media solutions. The contemplated transaction was approved by Vusion’s Board of Directors, and its completion was then subject to regulatory approvals and other customary closing conditions, with the acquisition expected to be financed with debt.

In-Store Media was advised by GBS Finance, Mizuho Greenhill and Baker McKenzie as financial and legal advisors. Vusion was advised by JP Morgan as financial advisor and White & Case as legal advisor.

Third-Quarter Sales and Stated Expectations

On October 20, 2026, Vusion published its third-quarter 2026 sales release, reporting unaudited IFRS sales of €433 million for the quarter, up 24% year on year, and adjusted sales of €445 million, up 25%. Over the first nine months of 2026, IFRS sales reached €1,252 million, up 30%, while adjusted sales reached €1,284 million, up 28%. Third-quarter order entries reached €462 million, up 10% from the third quarter of 2025.

According to the release, revenue from VAS, the group’s software, services and non-electronic-shelf-label solutions, reached €202 million over the first nine months, up 40%, with recurring VAS revenue of €100 million, up 77%. Annualized recurring revenue reached €154 million at the end of the quarter, up 82% year on year.

Vusion stated that, subject to the successful completion of the ISM acquisition, its pro forma annual VAS revenue was expected to reach approximately €400 million. The company also said completion was expected, based on its timetable at the time, to have only a limited impact on the group’s 2026 financial results, and it confirmed full-year targets of 15% to 20% adjusted revenue growth at constant exchange rates and tariffs, approximately 40% VAS revenue growth and an improvement of more than 100 basis points in adjusted EBITDA margin.

ISM will participate in Vusion’s Capital Markets Day in Paris on November 18, 2026, where the company plans to discuss the role of in-store digital retail media in its medium-term strategic plan and the growth opportunities it says the acquisition creates.