Novacap to acquire Integral Ad Science in $1.9B all-cash deal

Private equity firm Novacap has agreed to acquire Integral Ad Science (IAS) in an all-cash transaction that values the digital media measurement and optimization company at approximately $1.9 billion.

Under the terms of the agreement, Novacap will purchase all outstanding IAS shares for $10.30 each, representing a premium of about 22% compared with the company’s closing stock price on September 23, 2025. Following the announcement, IAS shares rose close to 20% in pre-market trading.

The deal is expected to close by the end of 2025, subject to regulatory approvals and customary closing conditions. Once finalized, IAS will become a privately held company and its stock will be delisted from public markets.

IAS, headquartered in New York, provides ad verification, fraud detection, and optimization tools for brands, publishers, and agencies. Its platform is designed to ensure digital campaigns reach intended audiences, appear in suitable environments, and deliver measurable performance outcomes. The company has been expanding its AI-driven measurement capabilities in recent years to address evolving advertiser needs.

The acquisition aligns with a broader trend of private equity investment in advertising and technology firms. Novacap, which manages more than $10 billion in assets, has a history of targeting companies in technology, digital infrastructure, industries, and financial services. Recent activity across the sector has also included a series of buyouts by firms such as Thoma Bravo, which has acquired platforms in customer engagement and HR software.

As part of the transaction, Vista Equity Partners—an existing IAS investor—will exit its position once the deal is complete. Vista, which manages more than $100 billion in assets, had previously supported IAS in scaling its AI-first platform and expanding its global footprint.

Advisory roles on the deal include Jefferies LLC as exclusive financial advisor and Kirkland & Ellis LLP as legal counsel to IAS, while Evercore and Willkie Farr & Gallagher LLP are advising Novacap.

Upon closing, IAS will continue to operate under its current name and brand as it transitions to private ownership.