Novacap to acquire Integral Ad Science for $1.9 billion in cash deal

NEW YORK - Digital media measurement firm Integral Ad Science (NASDAQ:IAS), a company with strong financial health and robust gross margins of 78%, announced Wednesday it has entered into a definitive agreement to be acquired by private equity firm Novacap in an all-cash transaction valued at approximately $1.9 billion. According to InvestingPro data, IAS has demonstrated solid performance with 14% revenue growth over the last twelve months.

Under the terms of the agreement, Novacap will acquire all outstanding shares of IAS for $10.30 per share, representing a 22% premium to IAS’s closing price on September 23, the company said in a press release. InvestingPro analysis suggests the company is currently undervalued, with additional ProTips available for subscribers looking to dive deeper into the company’s valuation metrics.

The transaction, unanimously approved by IAS’s board of directors, is expected to close before the end of 2025, subject to regulatory approvals. IAS shareholders holding a majority of outstanding shares have already approved the deal by written consent.

Following the acquisition, IAS will become a privately held company and its common stock will no longer be listed on any public market. The company will continue to operate under the IAS name and brand.

"As a private company with the support of Novacap, we will have access to new resources to achieve our strategic goals," said Lisa Utzschneider, CEO of IAS.

Current shareholder Vista Equity Partners will conclude its investment upon closing of the transaction.

Jefferies LLC is serving as exclusive financial advisor to IAS, while Evercore is advising Novacap on the deal.

IAS provides media measurement and optimization services for advertisers, publishers, and media platforms. The company’s software aims to ensure ads are seen by real people in safe environments.

Novacap, founded in 1981, is a North American private equity firm with over $10 billion in assets under management and offices in Montreal, Toronto, and New York.

In other recent news, Integral Ad Science (IAS) reported strong financial results for the second quarter of 2025. The company exceeded analyst expectations with an earnings per share (EPS) of $0.10, compared to the projected $0.04. Revenue for the quarter reached $149.2 million, surpassing the anticipated $143.39 million. These results highlight the company’s robust performance in the recent quarter. Despite this, IAS shares experienced a slight decline in after-hours trading. There were no reports of mergers or acquisitions involving the company. Additionally, no analyst upgrades or downgrades have been noted in the recent period. These developments provide a snapshot of Integral Ad Science’s recent financial health and market activity.

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