Integral Advert Science, a publicly listed advert tech firm with a market capitalization exceeding $1 billion, is the topic of a possible takeover by non-public fairness, in keeping with latest reviews — however curiosity is wavering.
Right now (June 30) marks the fourth anniversary of IAS’ preliminary public providing. Potential suitors despatched out due diligence notifications to audit companions over the last quarter, albeit opinions are blended as to the most probably final result, in keeping with Digiday sources.
KKR is out
Late final 12 months, separate reviews instructed that IAS was about to be taken non-public. Enterprise Insider cited sources claiming that PE large KKR was the agency, following an article from Bloomberg that reported it was exploring future choices with Jefferies Monetary Group.
Within the six-plus months since these reviews, KKR’s curiosity in shopping for IAS is known to have expired, though extra PE corporations have additionally expressed an curiosity in shopping for the advert verification outfit. These PE corporations embrace Bain Capital, with PricewaterhouseCoopers understood to have facilitated such explorations earlier this 12 months.
All sources consulted by Digiday requested anonymity to take care of their relationships with the involved events, however all three claimed such talks have taken place in latest months.
One supply claimed KKR has revisited the dialog in latest weeks; one other mentioned talks had “fallen by way of.” In the meantime, two separate sources advised Digiday that rival PE agency Bain has additionally checked out a take-private deal, with memos circulated earlier within the 12 months instructing companions to arrange for potential due diligence.
Alternate plans
Nevertheless, such exercise is known to have cooled in latest weeks, though sources individually advised Digiday that funding financial institution Jefferies remains to be making an attempt to engineer a deal.
In the meantime, a 3rd, separate supply advised Digiday that bankers, separate from Jefferies, had mentioned the potential divestiture of corporations IAS acquired since its 2021 IPO, together with Publica, an outfit it bought for $220 million that 12 months.
Nevertheless, such discussions are understood to have stalled on account of financial uncertainty stemming from the looming tariff insurance policies from the U.S. administration led by President Donald Trump.
Representatives of IAS didn’t reply to Digiday’s request for remark at time of writing, nor did spokespeople for Jefferies and PwC.
Shailin Dhar, companion at Futureproof TMT, a analysis agency that advises potential acquirers within the area, advised Digiday PE corporations proceed to discover the area even when the method typically proves dear and includes a number of events.
“Folks say M&A within the media and advert tech area has been useless, nevertheless it’s not for a scarcity of making an attempt. PE corporations have been consistently placing new issues on the board to discover what can work,” he defined. “Up to now 18 months, solely three of the 20 potential transactions that we have now taken on really made it into actual technical diligence.”
The PE longview
Previous to itemizing on the general public markets, IAS was owned by Vista Fairness Companions, a agency with different pursuits in advert tech. It’s nonetheless the biggest shareholder within the advert verification firm, proudly owning roughly 40% of its inventory.
Vista Fairness Companions bought IAS in 2018 utilizing its Fund VI — a struggle chest it first raised from buyers in 2016 — as observers famous that the PE agency would quickly be anticipated to ship ROI. The final knowledge is that PE funds have a basic lifespan of 10 years, with the potential for year-long extensions if required on account of market situations — sometimes known as “10+1+1.”
Such funds sometimes maintain onto portfolio firms for a five-to-six 12 months window. Vista Fairness Companions’ Fund VI will attain its 10-year preliminary time period in 2026, at which level it’s going to broadly be anticipated to quickly discover an exit.
One supply advised Digiday there’s a widespread notion that Vista Fairness, which additionally bought sell-side advert tech agency TripleLift utilizing a separate fund, is eager to see a return on its IAS funding. Many level to the comparative success of its most direct market rival, DoubleVerify, as a cause for the PE agency’s purported eagerness to exit the funding. That is regardless of IAS often delivering double-digit income will increase throughout its time on the general public markets.
On the time of writing, in late June 2025, IAS’ market capitalization was $1.07 billion, in comparison with DoubleVerify’s $2.36 billion, in keeping with pricing data sourced from their public listings on the Nasdaq and NYSE, respectively.
Associated Insights
Nevertheless, the advert verification and measurement area as a complete is underneath strain, with class motion lawsuits towards the likes of DoubleVerify including gasoline to the rising scrutiny from lawmakers.
Many advertisers are scrutinizing verification distributors’ claims in regards to the robustness of their technological capabilities, plus there are rising challenges from market interlopers, corresponding to Mobian and Scope3. Moreover, there may be the longstanding criticism of the function such firms play in depriving conventional media retailers of advert income.
Nevertheless, IAS administration is making strikes suggesting it’s enterprise as typical. Earlier this month, it introduced the up to date the phrases of its mortgage take care of a bunch of banks. This included a mortgage extension, which means its current credit score line was prolonged by 5 extra years — it now runs till June 2030 – which provides the corporate extra time to entry and repay borrowed funds.
The phrases additionally embrace an enlarged borrowing restrict, which means IAS can now borrow as much as $550 million, up from its earlier $300 million, with the banks’ settlement. Based on IAS, this reveals it’s planning forward for future wants whereas nonetheless sitting on a wholesome amount of money — it had $59 million in money as of the top of March 2025.
