Ad-tech company TripleLift said it sold a majority interest to investment firm Vista Equity Partners.
The deal is part of continuing interest in the growing connected TV advertising market and the consolidation of the ad tech field.
The dollar amount of the investment was not disclosed, but a source familiar with the situation said it valued the company at $1.4 billion.
Founded in 2021, TripleLift focuses on inventing new ad formats that can be bought and sold using programmatic technology. It handled more than 40 billion ad transactions last year across desktop, mobile and connected TV devices.
“We have developed into a leader in the advertising technology space and are excited about our next chapter,” said Eric Berry, co-founder and CEO of TripleLift. “When looking for an investment partner, we placed a premium on a deep understanding of ad tech and a willingness to lean into developing our portfolio of innovative, high-growth products. Vista is that partner.”
The transaction is expected to close in the second quarter of 2021. Berry will remain as CEO and will continue serving on the Board of Directors. True Ventures and Edison Partners, two early investors in TripleLift, will remain invested in the company.
Other members of management and the company's employee base are also expected to stay in place as it accelerates the execution of its strategic plans.
“Vista is pleased to partner with TripleLift and we have a tremendous runway for growth,” said Rod Aliabadi, managing director at Vista Equity Partners. “We look forward to continued market leadership in programmatic, further catalyzing our opportunity in CTV and building upon our expansion into priority international markets across Europe and Asia.”
Centerview Partners LLC is serving as exclusive financial advisor to TripleLift, and Goodwin Procter LLP and Reitler Kailas and Rosenblatt LLC are serving as legal counsel. JP Morgan is serving as financial advisor to Vista, and Kirkland & Ellis LLP is serving as legal counsel.
