Private equity group Providence Equity Partners has agreed to take a majority stake in New York City-based DoubleVerify, a provider of digital media measurement software and analytics.
The adtech company, founded in 2008, has raised a total of $46.5 million in four rounds of funding from investors including JMI Equity, Institutional Venture Partners (IVP), First Round Capital, Genacast Ventures and Blumberg Capital. The firm says its online media verification and campaign effectiveness solutions are used by hundreds of Fortune 500 brands, advertising networks and media platforms as it validates over 60 billion advertising impressions per month.
While financial terms of the deal were not disclosed, the Wall Street Journal cites a source close to the matter, indicating that Providence Equity is investing around $200 million in the company, bringing its valuation to more than $300 million. DoubleVerify, which employs over 200 people, is expected to generate $75 million in sales in 2017, positioned to surpass $100 million in revenue next year.
The new capital will be used to help the nearly decade-old company broaden its reach internationally and expand its product offerings outside of its core digital media authentication service, in areas such as new analysis and media-mix-modeling tools. Providence says it has plans to build DoubleVerify into a multi-billion-dollar company over time.
DoubleVerify will compete against the likes of digital measurement company Moat, which was sold to Oracle for over $850 million in April 2017.