• by Laurie Sullivan , Yesterday

Integral Ad Science (IAS), a global media measurement and optimization platform, announced it has entered into a definitive agreement to be acquired by Novacap, a North American private equity firm, in an all-cash transaction that values IAS at approximately $1.9 billion, and positions the company to potentially merge with another.

Novacap will acquire all outstanding shares of IAS for $10.30 per share in cash under the terms of the agreement. This represents a premium of approximately 22% to IAS's closing share price on September 23, 2025, the last full trading day prior to the transaction announcement.

As part of the transaction, current shareholder Vista (currently the primary shareholder with a roughly 40% stake) will conclude its investment when the deal closes, which is expected before the end of 2025, subject to customary conditions.

"As a private company with the support of Novacap, we will have access to new resources to achieve our strategic goals and further build upon the differentiated value we bring our customers as we advance our mission to be the global benchmark for trust and transparency in digital media quality," stated Lisa Utzschneider, CEO of IAS.

At the close of the transaction, IAS will continue to operate under the same name and brand.

Jefferies LLC serves as the financial advisor for IAS, and Kirkland & Ellis LLP as legal advisor. Evercore serves as financial advisor to Novacap, and Willkie Farr & Gallagher LLP as legal advisor.

"The all-cash transaction by Novacap, a PE firm, should accelerate its pace of innovation to deliver more powerful AI-driven ad solutions in media performance and optimization for its global customers," Brian Pitz, managing director and head of internet and interactive entertainment equity research at BMO Capital Markets, wrote in a research note published today. "Given Novacap’s ownership of Cadent, we believe Novacap could combine the two assets to create a single, integrated ad-tech business."

Cadent, which focuses on data-driven television ads that integrate traditional linear TV, connected TV (CTV) and over-the-top (OTT) streaming services, is owned by Novacap. The firm acquired Cadent in August 2023. 

IAS has been making a steady stream of announcements during the past several weeks. Today the company announced a new integration will StackAdapt’s demand-side platform (DSP). The partnership gives mid-market advertisers access to IAS’ brand safety tools.

Earlier this month, the company introduced a partnership with Good-Loop, which now offers emissions measurement across all IAS advertiser accounts globally, at no additional cost.