Why Major Ad-Tech Companies Are Going Private and What It Means for Brands

In August 2024, Nielsen acquired DoubleVerify for $2.15 bln and took the company private—less than a year after its main competitor Integral Ad Science exited the public market in a $2 bln deal. LiveRamp is preparing to delist from NYSE under Publicis by year-end, and Criteo is in talks with Vista Equity Partners about going private following a 14% revenue decline. Four major delisting deals in twelve months—the ad-tech market has stopped convincing investors in the long-term sustainability of its business models.

Why investors are selling off ad-tech despite growth

The Trade Desk—one of the largest programmatic buying platforms—grew just 3% in the second quarter versus 19% a year earlier and lost over 20% of its market cap. AppLovin showed 53% growth, but shares fell to a yearly low after a minor miss on guidance. Teads suspended its Q3 forecast amid a 17% revenue decline. Even double-digit growth no longer guarantees confidence: investors are discounting companies not for last quarter's results, but for their inability to prove the business will remain relevant in five years as artificial intelligence evolves.

The market has split into two types of businesses: infrastructure and measurement services that are more comfortable outside public markets, and a shrinking set of platforms with growth rates sufficient to maintain public market faith. Magnite and PubMatic, both showing 11% growth in the second quarter, prove that investors haven't abandoned ad-tech entirely—they've simply become radically selective and stopped extending credit in advance.

What's happening with private capital in ad-tech

Private equity deal volume in the business services segment fell 29% year-on-year, the number of primary platform investments dropped 48%, and the share of assets held by funds for over five years rose to 26%, according to the SI Global Private Equity Insights Report 2025, based on data from 80 funds and 266 portfolio companies. Nearly a third of tracked investments are now classified as "overdue" for exit—a roughly 30% increase year-on-year.

The problem concentrates at the fund level among those that invested in 2021–2022 at peak valuations. Multiples then exceeded standards by 30–50%, ad-tech showed best-in-a-generation growth, and funds budgeted for 2–3x returns. But years of geopolitical instability, trade wars, technological shifts, and AI adoption meant that forecasted growth never materialized. Capital isn't idle by choice—it's stuck waiting for a price the market isn't currently willing to pay.

«It's very easy to say a billboard will exist in five years. It's much harder to claim that about ad-tech. Will it exist in the same form in five years with AI? Hard to say»

Funds are seeking exit through deal restructuring: instead of 2–3x profit on capital, they're using a combination of debt returns and dividends. A 10% yield on debt notes plus 10% dividends gives the buyer 20% annually without requiring the base business valuation to grow. This is a way to get returns without waiting for the market to agree on a higher company valuation.

How ad-tech slowdown affects media buying strategy

Platform consolidation and infrastructure players moving into private hands are reshaping the picture for brands. Fewer public platforms mean less pricing transparency and less competition for technological efficiency. Companies remaining on public markets are forced to demonstrate accelerated growth quarter after quarter, which translates into more aggressive monetization and less flexible terms for advertisers.

Nexxen—a public platform with its own DSP, SSP, and data under one roof—shows how betting on owning the entire transaction works in current conditions. After four quarters of revenue and share price divergence, the first and second quarters of 2026 were the first time since early 2024 they aligned: record CTV growth, raised guidance, and rising share prices two quarters in a row. Two quarters don't prove model sustainability, but it's the first sign of weakening skepticism after the company's toughest period.

Marketer's checklist: how to adapt your media plan to ad-tech consolidation

• Review your reliance on a single platform. If the bulk of your programmatic buying goes through a single partner, prepare alternative channels—a platform going private could change partnership terms or integration availability.
• Request commission transparency. As competition shrinks, platforms are less motivated to disclose markup structures. Lock in current terms and regularly benchmark your CPM against market standards.
• Evaluate direct integrations with creators. If programmatic inventory costs are rising and transparency is falling, influencer marketing through direct deals or specialized agencies can provide more predictable CPM and reach.
• Strengthen brand-side measurement. As measurement platforms move into private hands of major holding companies, independent conversion and attribution analytics become critical. Invest in your own UTM structures and post-view tracking.
• Verify ad labeling compliance. Platform consolidation doesn't remove your brand's obligation to properly label placements—ensure partners provide technical support for ad labeling tokens.

What this means for the Russian blogger advertising market

Western trends eventually reach the Russian market with a lag, but inevitably. The exodus of public ad-tech platforms means global media buying tools will become less accessible or more expensive for Russian brands already facing the departure of major international platforms. In these conditions, local channels—bloggers, Telegram, VK, Yandex Zen—become not an alternative but the primary source of reach.

Influencer marketing benefits from not depending on stock market multiples and venture capital expectations. Direct integrations with content creators provide transparent pricing, measurable reach, and compliance with Russian advertising law. When programmatic platforms consolidate and raise barriers to entry, influencer agencies offer flexibility, quick launch speeds, and access to audiences without intermediaries charging unpredictable commissions.

For brands building long-term strategy, this is a signal to diversify your media mix toward channels with direct attribution and controlled placement terms. Blogger advertising lets you lock in integration costs before campaign launch, get detailed reach and engagement analytics, ensure proper ad labeling per requirements, and minimize risks associated with changing programmatic inventory access.

Frequently asked questions

Why do ad-tech companies go private if they're growing?

Investors evaluate not current growth but a company's ability to remain relevant in five years as AI and automation evolve. Even double-digit growth doesn't compensate for uncertainty about future business models, so platforms with utility-grade margins and slowing growth move into private hands, where planning horizons are longer and quarterly performance requirements are softer.

How does ad-tech consolidation affect media buying costs for brands?

Fewer public platforms mean less competition and less pricing transparency. Remaining public companies must demonstrate accelerated growth, which translates into more aggressive monetization—higher CPM, less flexible terms, and increased fees. For brands, this signals the need to seek alternative channels with direct audience access and fixed prices.

Which ad-tech platforms remain stable in the public market?

Magnite and PubMatic, both showing 11% growth in Q2, maintain investor confidence through steady growth and supply-side specialization. The Trade Desk, despite slowing to 3% growth, remains the largest public DSP, but each quarter of declining growth rates cuts valuations by 4–39%, confirming that the market demands proof of sustainability every three months.