DoubleVerify (DV), a leading independent provider of digital media measurement software and analytics, today announced it has reached an agreement for a majority investment by Providence Equity Partners, a leading global private equity firm with more than $50 billion in assets under management. The terms of the transaction were not disclosed. In connection with this investment, digital marketing and advertising executive and former CEO of Starcom MediaVest Group Laura Desmond will be appointed as Lead Director of the DoubleVerify Board of Directors. The DoubleVerify management team under the direction of CEO and President Wayne Gattinella will continue to lead the company following the close of the transaction.
"Providence Equity has a demonstrated ability to partner with unique data companies to realize accelerated growth and customer adoption," said Wayne Gattinella, president and CEO of DoubleVerify. "With Providence's sector expertise and strategic insight, DoubleVerify is well positioned to capitalize on the outsized set of market opportunities and to launch new services that define the future of digital advertising engagement," he added.
Since DV was founded in 2008 with the creation of the first brand safety solutions for online advertisers, 3rd party measurement has become a requirement for most brand advertisers. Today the company provides a comprehensive technology solution that assures the quality and performance of digital media investments for the world's largest brands and media platforms. The DV Authentic Impression® provides clients with a single KPI to ensure each ad impression is viewable, fraud-free and meets brand safety requirements.
"As a leader in an increasingly important space, DoubleVerify is a dynamic, high-growth company with significant opportunities before it," said Davis Noell, managing director, Providence Equity Partners. "The world's largest brands are facing significant transparency challenges in digital advertising and DV's software and data solutions are helping solve these critical pain points. We believe the full value of the Company's offerings have yet to be unlocked and look forward to working with Wayne and his team to accelerate their growth strategy and create meaningful, long-term value for the Company."
One of the Industry's Most Accomplished Leaders Joins DoubleVerify Board of Directors
Laura brings more than two decades of experience focused on the convergence of digital, marketing and technology. She most recently served as the Chief Revenue Officer of Publicis Groupe. Previously, Ms. Desmond was the global CEO of Starcom Mediavest Group (SMG).
"I've spent nearly two decades working alongside the world's largest brands and have seen first-hand the need for third party measurement from all digital media and social platforms," said Ms. Desmond. "Today media quality is the number one issue impacting digital ad performance and DV helps to deliver the transparency clients need to make smart and safe advertising investments. I am thrilled to join the DoubleVerify Board, as I believe that no Company is in a better position to solve these issues than DV," she added.
Gattinella concluded, "Our ability to attract the high caliber talent and experience, represented by Laura and our partnership with Providence Equity, is also an affirmation of our solid execution on a differentiated strategy for growth. We look forward to building on our Company's heritage of customer dedication and technical innovation and are eager to leverage their collective insight, experience and global acumen in helping us deliver for our clients."
Blumberg Capital will remain an investor in the Company and David Blumberg has been appointed to the DoubleVerify Board of Directors.
KeyBanc Capital Markets Inc. served as financial advisor to DoubleVerify. Weil Gotshal & Manges served as legal advisor to Providence Equity Partners. Dentons US served as legal advisor to DoubleVerify.
DV is the leading independent provider of marketing measurement software, data and analytics that authenticates the quality and effectiveness of digital media for the world's largest brands and media platforms. DV provides media transparency and accountability to deliver the highest level of impression quality for maximum advertising performance. Since 2008, DV has helped hundreds of Fortune 500 companies gain the most from their media spend by delivering best in class solutions across the digital ecosystem that help build a better industry. Learn more at doubleverify.com.
About Providence Equity Partners
Providence is a premier global private equity and credit investment firm with more than $50 billion in capital under management. Providence pioneered a sector focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 160 companies and is the leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI and also has offices in New York, London, and Hong Kong. For more information, please visit www.provequity.com.