Online advertising company Sizmek Inc. received permission from a New York bankruptcy court to sell its ad targeting business, Peer39, for $18 million, higher than the previously agreed price.

Private investment company O3 Industries, through its newly created entity, P39 Tech LLC, is buying the only asset still left in Sizmek’s Chapter 11 liquidation.

The approval, by U.S. Bankruptcy Judge Stuart M. Bernstein at a July 25 hearing, follows an agreement the companies reached earlier this month. But the price rose by $5 million following a “spirited auction,” an attorney for Sizmek told the court.

Bernstein didn’t approve bid protections...