In another sign of consolidation in the ad tech and martech sectors, DoubleVerify announced that Providence Equity will take a majority stake in the digital measurement firm. While the terms of the transaction weren’t disclosed, the Wall Street Journalreported that the stake is about $200 million.
In addition, DoubleVerify said former Starcom MediaVest Group CEO Laura Desmond will be appointed lead director of the DoubleVerify board. Wayne Gattinella, CEO and president of DoubleVerify will continue to lead the management team after the transaction closes.
DoubleVerify is a company that identifies ad fraud and verifies the quality of digital media for advertisers. The company projects it will generate $75 million in revenue this year, and more than $100 million next year, according to the Journal report. Providence’s stake is expected to help DoubleVerify grow globally and expand its product slate. The company has more than 200 employees.