Integral Ad Science (IAS), the New York–based media measurement and optimisation platform, is set to be taken private by Canadian private equity firm Novacap in a transaction that values the company at nearly $1.9 billion.
Under the terms of the agreement announced on Tuesday, Novacap will purchase all outstanding shares of IAS at $10.30 apiece, representing a 22% premium to its September 23 closing price, the last full trading day before the deal was made public. The acquisition, already cleared by IAS’s board, is expected to be completed before the end of 2025, subject to regulatory approvals.
Delisted from public exchange
According to the company, once the transaction is deemed successful, IAS will be delisted from public exchanges. It will also continue to operate under its existing name and leadership team. Current shareholder Vista Equity Partners will exit its investment following completion of the deal.
Lisa Utzschneider, Chief Executive Officer of IAS, said the deal marked a significant milestone for the company. “As a private entity supported by Novacap, we will have access to fresh resources that will help us accelerate innovation and strengthen our position as the benchmark for trust and transparency in digital media quality,” she said.
IAS, founded in 2009, has grown into one of the most widely used platforms for advertisers and publishers seeking AI-powered measurement and optimisation solutions. Its technology is used by several Fortune 500 companies to track ad performance and brand safety across digital platforms.
IAS leadership
Samuel Nasso, Partner at Novacap, noted that IAS’s leadership and product portfolio made it a compelling investment. “We see IAS as a category leader with a strong AI-first platform. Our partnership will enable it to scale faster and deliver enhanced solutions to customers worldwide,” he said.
Michael Fosnaugh, Senior Managing Director and Co-Head of Vista’s Flagship Fund, added that the firm was proud of its role in expanding IAS’s AI platform and deepening client relationships. “IAS has established itself as the global standard in digital media quality, and we are excited to see its next phase of growth with Novacap,” he said.
The deal has been approved by shareholders representing a majority of IAS’s outstanding stock through written consent, meaning no further shareholder vote will be required. Advisory firms Jefferies and Kirkland & Ellis acted on behalf of IAS, while Novacap was advised by Evercore and Willkie Farr & Gallagher.