Integral Ad Science (Nasdaq: IAS), a global leader in media measurement and optimization, announced Wednesday that it has entered into a definitive agreement to be acquired by Novacap, a North American private equity firm, in a transaction valued at approximately $1.9 billion.
Under the deal, Novacap will purchase all outstanding shares of IAS for $10.30 per share in cash, representing a roughly 22% premium over the company’s closing price on September 23. The agreement, which has been unanimously approved by IAS’s board of directors, is expected to close before the end of 2025, pending regulatory approvals.
Once finalized, IAS will become a privately held company and its shares will no longer trade on public markets. Current shareholder Vista Equity Partners, which played a significant role in expanding IAS’s AI-powered platform and customer base, will exit its investment upon completion of the deal.
For IAS, the acquisition represents a chance to accelerate its growth and innovation strategy in digital media quality. CEO Lisa Utzschneider highlighted the move as a milestone that will provide the company with the resources and flexibility to expand its AI-first measurement and optimization platform.
“Our mission has always been to set the global benchmark for trust and transparency in digital media quality,” Utzschneider said in a statement. “With Novacap’s support, we’ll be able to further scale our platform and deliver even more value to advertisers, publishers, and media partners.”
Novacap, which manages more than $10 billion in assets, sees IAS as a category leader with significant potential. Samuel Nasso, a partner at the firm, said Novacap plans to work closely with IAS leadership to accelerate innovation and strengthen its solutions for global brands and publishers.
The transaction is not subject to any financing conditions, and a majority of IAS shareholders have already approved the deal through written consent. Financial advisory roles were split, with Jefferies advising IAS and Evercore advising Novacap. Legal counsel was provided by Kirkland & Ellis for IAS and Willkie Farr & Gallagher for Novacap.
Founded in 2009, IAS has established itself as a trusted player in the digital advertising ecosystem, providing data and tools to ensure ads are viewable, brand-safe, and optimized for performance. By joining forces with Novacap, the company is expected to sharpen its competitive edge and continue expanding its role as a benchmark for media transparency in the rapidly evolving adtech landscape.
If the transaction closes on schedule, IAS will continue operating under its existing name and brand while shifting into private ownership under Novacap.
