Integral Ad Science Concludes Public Market Chapter with Private Equity Buyout

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The digital advertising measurement firm Integral Ad Science (IAS) has officially ended its tenure as a publicly traded entity. A definitive acquisition by the private equity firm Novacap has been completed, transferring the company to private ownership. This move provides shareholders with a fixed cash payout and concludes the trading of IAS shares on the Nasdaq exchange.

Finalized on December 23, 2025, the deal carries an enterprise value of approximately $1.9 billion. Shareholders will receive $10.30 in cash for each share they held, pursuant to the agreement initially announced in September. This offer price represented a premium of roughly 22% over the unaffected trading price at the time the deal was unveiled.

Trading in IAS common stock was halted after market close on December 22. As of this morning, the security has been formally suspended from the Nasdaq. The sale concludes a strategic review undertaken by the company and represents a successful exit for majority shareholder Vista Equity Partners. To facilitate the acquisition, the buying entity secured a new credit facility with the Royal Bank of Canada.

A Shift in Strategy Amid Sector Pressures

The decision to go private follows a period where IAS demonstrated operational strength but faced valuation headwinds in the public markets. The company, which provides AI-powered solutions for measuring and optimizing ad campaigns, recently reported second-quarter 2025 results that exceeded expectations. However, the broader advertising technology sector continues to grapple with competitive intensity and margin pressures.

Free from the short-term quarterly demands of public investors, IAS can now focus on long-term strategic goals under Novacap’s ownership. The partnership is expected to prioritize sustained growth initiatives, including global expansion and further investment in high-margin AI-driven products. The existing leadership team, headed by CEO Lisa Utzschneider, will remain in place and has been granted special retention bonuses for the integration period.

Next Steps for Shareholders and the Company

Shareholders of record as of the December 22 deadline will receive their cash consideration directly through their brokerage accounts in the coming days. Integral Ad Science will continue its operations as a portfolio company of Novacap, with an emphasis on deepening its technology partnerships with major platforms such as Meta, TikTok, and Snap. Final administrative steps to formalize the delisting are scheduled for completion this week.