After coming off its first earnings report about one week ago, where DoubleVerify CEO Mark Zagorski reported performance of the company’s first-quarter 2021 financial results of $67.6 million, up 32% year-over-year, the company announced the appointment of Mimi Wotring, senior vice president of publisher sales and client services.
Wotring joins DoubleVerify from LiveRamp, where she served as managing director of agencies. She also spent time at Acxiom as vice president of advanced TV. There she worked with business development leads and product management to establish new partnerships and direct integrations with OTT and advanced TV publishers and operators.
At DoubleVerify, Wotring will lead commercial strategies for publisher solutions, helping to expand adoption of the technology and services globally. Wotring will report to Steven Woolway, executive vice president of business development.
“Guidance was raised for all metrics as management noted viability is increasing on a quarterly basis, and they feel good about the increased outlook,” wrote Mathew Hedberg, RBC Capital Markets analyst in a research note published in late May. “As such, 2021 revenue guidance was raised to $324M or +33% vs. consensus at $315.8M or +30% with adjusted EBITDA now expected to be $104M or 32.1% margin vs. consensus of $97.2M or 30.8% despite management's commitment to investing in both R&D and S&M against its attractive market opportunity as it remains a Rule of 60 company.”
Historically, the first quarter has been DoubleVerify’s lowest revenue quarter in the year, based on seasonal patterns of our customers’ digital ad spend.
In this year’s first quarter, advertiser-direct revenue rose 24%, reaching $27.5 million, compared with the year-ago quarter. The company also maintained more than 95% gross revenue retention rate, highlighting the recurring nature of our transactions where the majority of the revenue comes from existing customers.
Media Transaction Measured grew particularly rapidly in Social and CTV, each approximately 75% year-over-year, contributing to the quarter growth. Advertiser-programmatic revenue rose 42% to $33.9 million compared with a year ago.
Authentic Brand Safety -- now available across all major platforms including Google’s DV360 since the end of last year -- represents approximately half of DoubleVerify’s programmatic revenue. Supply-Side revenue rose 18% to $6.1 million.
Last summer, DoubleVerify launched a new division to support digital publishers, offering a way to track revenue across direct and programmatic channels, manage and optimize media quality, and gain clarity into how publisher inventory is perceived by buyers.