M&A advisory for adtech software companies
Adtech M&A has been driven by consolidation around retail media, CTV and the post-cookie identity stack. Strategic acquirers - the major adtech platforms, retailers building retail media networks and large media groups - alongside PE platforms running adtech roll-ups are the most active buyers. Deals price on gross-versus-net, take rate and customer concentration.
The most active buyers are the major adtech platforms, retailers building out retail media networks, large media groups and PE platforms running adtech roll-ups. Flow has direct access to the adtech strategic acquirers, retail media buyers and PE platforms that transact in this category.
Flow team has relevant sector experience and has worked with adtech companies across DSPs and SSPs, ad servers and verification, retail media and CTV, programmatic and identity infrastructure, and creative and measurement tools.
"Adtech software" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing adtech software M&A targets
Net revenue
Gross revenue
Spend under management
Take rate
Net retention
Advertiser count
Customer concentration
Bad debt rate
Contribution margin
CAC payback
Adtech software valuations in May 2026
Public adtech software comps trade at 1.0x EV/Revenue. Median revenue multiple across adtech software M&A deals was 3.6x in the last 12 months.
1.0x
Median EV/Revenue as of May 2026 for public adtech software companies
12x
Alphabet is the highest valued public adtech software company based on EV/Revenue (excluding outliers)
3.6x
Median EV/Revenue across adtech software M&A deals in the last 12 months
19x
Median EV/Revenue across adtech software VC rounds in the last 12 months
Key recent adtech software M&A deals
$2.2B acquisition of LiveRamp by Publicis Groupe was the largest adtech software M&A transaction completed in the last year.
See all adtech software M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
May-26 | LiveRamp |  | LiveRamp Holdings Inc is a technology company that helps companies build enduring brand and business value by collaborating responsibly with data. A groundbreaking leader in consumer privacy, data ethics, and foundational identity, LiveRamp offers a connected customer view with clarity and context while protecting brand and consumer trust. The Company provides a data collaboration platform, essentially acting as a data collaboration hub where businesses can securely share and manage first-party consumer data with trusted partners while prioritizing data privacy and ethics. | Publicis Groupe | $2.2B | 2.7x | |
Nov-25 | SEMrush | | SEMrush Holdings Inc is engaged in the online visibility management software-as-a-service (SaaS) platform. Its platform utilizes data and intelligence at the core surrounded by AI-powered interconnected hubs focused on search engine optimization, paid advertising, social media management, local marketing, brand marketing, and content marketing Geographically, it generates revenues from the United States, the UK, and Others. | Adobe | $1.9B | 4.2x | |
Sep-25 | I | Integral Ad Science | - | Novacap | $1.9B | 3.6x | |
Feb-26 | Legend | | Legend is a software firm delivering digital marketing, SEO optimization, and UX design services to enhance online presence. | Genius Sports | $1.2B | 4.8x | |
Sep-25 | DeepIntent | | DeepIntent is a New York-headquartered marketing technology company specializing in healthcare advertising. The firm uses its MarketMatch platform to match patient data with digital ads in compliance with HIPAA regulations. MarketMatch integrates clinical records, behavioral signals, and publisher first-party data for real-time audience targeting. DeepIntent serves pharmaceutical brands from companies like Pfizer and media partners including WebMD, facilitating campaigns across display, video, and connected TV channels. Founded in 2014, it expanded offices to California and India. | Vitruvian Partners | $637M | - | |
Mar-26 | Traffective |  | Traffective is a vertically integrated advertising platform that simplifies digital monetization for content providers and publishers. | ShowHeroes | $600M | - | |
Dec-25 | tvScientific | | tvScientific is a connected TV advertising platform enabling brands to buy, optimize, and measure campaigns across streaming services. The New York-based company automates CTV programmatic purchasing with real-time analytics and incrementality testing. It processes data from major platforms like Roku, Amazon Fire TV, and Samsung, proving ROI for performance marketers in gaming and e-commerce. | Pinterest | $450M | 4.5x | |
Mar-26 | Glassbox |  | Glassbox addresses brand and marketing operating models for organizations executing integrated campaigns across channels. | Komerz | $330M | - | |
Feb-26 | Pathformance Technologies Inc. | | Pathformance Technologies provides digital campaign attribution, measurement, and store-level e-commerce analytics connecting media to shopper behavior for brands and agencies. | Komerz | $330M | - | |
Sep-25 | Selligent Marketing Cloud | | Selligent Marketing Cloud is a Brussels-headquartered B2C platform powering personalized campaigns for retail, travel, automotive, publishing, and financial brands. Over 700 clients including Nectar and Halfords deploy its AI-driven data layer for real-time segmentation and omnichannel orchestration across email, SMS, web, and app. The system processes first-party data for journey automation and preference centers. Ten offices span the U.S. and Europe, supporting operations in 30 countries through 50 partners. | Zeta Global | $325M | 7.7x | |
Oct-25 | Sojern | | Sojern is a San Francisco-headquartered digital marketing platform for travel brands leveraging machine learning on 4.5 trillion annual traveler signals. The company drives direct bookings for 10,000 hotels, airlines, and agencies like Marriott and Expedia through multiscreen ads on apps, search, and email. Sojern reports $1.5 billion in incremental revenue for clients yearly. | Rategain Travel Technologies | $250M | 1.5x | |
Nov-25 | Nativo | | Nativo is a content advertising platform that enables brand advertisers and publishers to automate, scale, and measure native advertising campaigns. Publishers utilize its technology stack to integrate native ads seamlessly across websites, boosting revenue through non-intrusive formats. Brand advertisers access high-quality audience reach combined with performance insights. More than 300 brands and 350 publishers employ the platform for digital advertising strategies. Headquartered in El Segundo, California, Nativo supports next-generation content distribution worldwide. | Life360 | $120M | - | |
Mar-26 | AdgeAI | | AdgeAI is an AI-powered content analytics platform optimizing video ads and creative performance. | Publicis Groupe | $100M | - | |
Apr-26 | Roombox |  | Roombox is a Japanese digital marketing company for real estate that runs the proprietary media brand Naiken Joshi to generate and nurture leads for housing and real estate firms. | f-code | $63M | - | |
Mar-26 | Alia Software | | Alia Software develops website engagement tools including customizable pop-ups, banners, and prompts that capture visitors, build email lists, and promote offers. Users configure elements via templates for campaigns or segments, track performance with analytics, and integrate with CMS and marketing platforms. | dotDigital Group | $60M | 15x |
Most active buyers of adtech software companies
Publicis Groupe, Canva and Azerion Group are the most active acquirers of adtech software companies in the last three years.
See all adtech software acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Publicis Groupe |  | Headquartered in France, Publicis is the world’s second-largest ad holding company based on revenue. Publicis’ services, which include traditional and digital advertising, public relations, and consulting, are provided worldwide, with over 80% of its revenue coming from more-developed regions such as North America and Europe. | LiveRampAdgeAILotame+1 | 4 | |
Canva |  | Canva is a Sydney-headquartered graphic design platform offering drag-and-drop tools for creating presentations, social media posts, posters, and invitations. Users access millions of templates, stock photos, icons, and fonts from its library. Launched in 2013, Canva serves teams at organizations like Coca-Cola and HubSpot through free and Pro subscriptions, with enterprise features for brand kits and collaboration. | DoohlyMangoAIMagicBrief+2 | 3 | |
Azerion Group |  | Azerion Group NV is engaged in providing a digital entertainment and media platform. It is engaged in providing technology solutions to automate the purchase and sale of digital advertising inventory for advertisers, publishers, and game creators as well as developing, publishing, distributing, and operating online social and casual games and digital content. The group’s reportable segments are Platform and Premium Games. | Advanced ContextualGoldbach AustriaHawk by TabMo | 3 | |
Zeta Global | | Zeta Global Holdings Corp is an omnichannel data-driven cloud platform that provides enterprises with consumer intelligence and marketing automation software. It serves enterprise customers across multiple industries, including financial services, insurance, telecommunications, automotive, travel and hospitality, and retail. Its Zeta Marketing Platform, or ZMP, is an omnichannel marketing platform with identity data at its core. The ZMP can analyze billions of structured and unstructured data points to predict consumer intent by leveraging sophisticated machine learning algorithms and the industry's opted-in data set for omnichannel marketing. The company operates in U.S, where it generates maximum revenue and Internationally as well. | LiveclickerSelligent Marketing CloudLiveIntent | 2 | |
Komerz |  | Komerz is a London-based agency specializing in e-commerce expansion for consumer brands. The firm manages Shopify stores, marketing attribution via Google Analytics, and international logistics to Europe and the Middle East. It handles brand strategy for apparel and beauty clients entering online retail. | GlassboxPathformance Technologies Inc.Great Wines Direct | 2 | |
Ad.com | | Ad.com is a provider of performance-based digital advertising platforms connecting advertisers with premium publishers. Headquartered in Redwood City, California, it offers search, display, and video solutions using machine learning for audience targeting and real-time bidding. The company manages extensive first-party data from its publisher network to drive conversions for e-commerce and lead-gen campaigns. | BrandWeaver.aiUnderdog MediaPublic Good Software | 2 | |
Crestline | | Crestline Investors is an employee-owned alternative asset manager headquartered in Fort Worth, Texas. The firm oversees hedge fund-of-funds portfolios that allocate to public equity, fixed income, and alternative investments throughout the United States. It caters to institutional investors, pooled vehicles, and high-net-worth individuals via a blend of quantitative models and qualitative evaluations across diverse hedge fund strategies such as long-short equity, macro, and event-driven approaches. Established in 1997, Crestline maintains a focus on risk-adjusted returns through rigorous manager selection and portfolio construction. | BroadsignPlace Exchange | 2 | |
gen.video | | gen.video is a New York-headquartered influencer marketing platform serving enterprise e-commerce brands like Shopify merchants. The service matches creators with campaigns using performance analytics tracking sales attribution via UTM pixels and promo codes. Launched in 2018, gen.video manages over 50,000 influencers and integrates with Klaviyo for email retargeting. | LionizeBounty | 2 | |
Signal AI | | Signal AI is a London-headquartered media intelligence platform that processes data from news outlets, social media, regulatory filings, broadcasts, and podcasts to deliver actionable insights. Its platform employs both discriminative and generative AI models to detect risks, monitor reputations, track ESG developments, and ensure regulatory compliance for enterprise clients including major banks and corporations. Key offerings include customizable dashboards, real-time alerts, detailed insight reports, API integrations, and the Ask AIQ conversational assistant for narrative exploration. Founded in 2013, Signal AI serves global organizations from its base in England, United Kingdom, with additional offices in New York and Singapore. | MemoSocial360Kelp | 2 | |
Infillion | | Infillion is an Austin-headquartered adtech platform unifying customer data across journeys for personalized advertising and operations. Formerly Viant Technology, it powers programmatic campaigns with privacy-compliant targeting for brands and agencies. | CatalinaMediaMathPhonic | 2 |
Founders and investors we've worked with
We've supported winning builders across adtech software and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
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Digital Asset Management Software Provider
We provided buy-side advice to Byron Capital Partners on its acquisition of a leading European digital asset management (DAM) software platform.
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Boryszew
We provided buy-side advice to Boryszew, a Warsaw-listed diversified industrial group across automotive, metals and chemicals, on industrial software market mapping and target screening for its buy-and-build strategy.
See moreRecent M&A advisory track record
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