Novacap acquires IAS in $1.9B deal to boost ad tech growth

Canadian private equity firm Novacap has acquired Integral Ad Science (IAS), the ad verification and measurement company, in a transaction valued at $1.9 billion. The deal comes four years after IAS went public on Nasdaq under the ticker IAS. Once completed, the acquisition will take the company private again.

IAS specializes in AI- and cloud-based solutions that provide independent verification and measurement of digital advertising across channels and devices. The company has demonstrated solid growth, with revenue expanding more than 12% annually over the past three years.

As part of the agreement, Novacap will purchase all outstanding IAS shares for $10.30 in cash, a 22% premium over the firm’s closing price on September 23. The transaction has been unanimously approved by the IAS board of directors and is expected to close later this year, subject to regulatory clearance.

IAS leadership welcomed the acquisition. CEO Lisa Utzschneider stated that Novacap’s backing will bring access to new resources to advance strategic objectives and reinforce IAS’s positioning as a global benchmark in digital media quality, trust, and transparency.

For Novacap, the acquisition aligns with its strategy of investing in technology, digital, and financial services. Earlier this year, the firm raised a $1 billion fund to accelerate growth in digital infrastructure. Partner Samuel Nasso emphasized IAS’s leadership and AI-first platform, noting that the collaboration aims to accelerate innovation and deliver stronger advertising solutions worldwide.

The deal also marks the exit of Vista Equity Partners, which acquired a majority stake in IAS in 2018. Michael Fosnaugh, Vista’s senior managing director and chair of the IAS board, underscored the company’s evolution during Vista’s tenure, highlighting the expansion of its AI-powered platform and strengthening of client relationships.

This acquisition reflects broader dynamics in the ad tech sector, where scale, AI capabilities, and verification solutions are increasingly critical. For IAS, the new ownership sets the stage for a renewed phase of global expansion and innovation.