Novacap acquires Integral Ad Science for $1.9 bn

Integral Ad Science (IAS), a global media measurement and optimisation platform listed on Nasdaq, is being acquired by North American private equity firm Novacap in an all-cash transaction valuing the company at approximately $1.9 billion.

Under the agreement, the firm will acquire all outstanding shares of IAS at $10.30 per share, representing a premium of about 22% over IAS’s closing share price on September 23, 2025.

Lisa Utzschneider, CEO of IAS, said, "Today's announcement is an exciting milestone for IAS. As a private company with the support of Novacap, we will have access to new resources to achieve our strategic goals and further build upon the differentiated value we bring our customers as we advance our mission to be the global benchmark for trust and transparency in digital media quality. I'm proud of the strong momentum we've built for our company, the strength of our AI-powered measurement and optimization platform, and the outstanding work of our employees."

Samuel Nasso, Partner at Novacap, added, "We have long admired IAS as an innovator and leader in its industry, with a stellar leadership team, and robust AI-first platform for Fortune 500 brands and publishers. We look forward to partnering closely with IAS to accelerate its pace of innovation to deliver even more powerful advertising solutions for customers around the world."

Michael Fosnaugh, Senior Managing Director and Co-Head of Vista Equity Partners' Flagship Fund, and Chairman of IAS' Board of Directors, commented, "IAS has established itself as the global benchmark for trust and transparency in digital media quality. Through our partnership, IAS expanded its AI-powered platform, deepened customer relationships and scaled into a true category leader. We're excited for Lisa and her team as they continue that journey with Novacap."

The transaction, approved unanimously by the IAS Board and a majority of shareholders, is expected to close before the end of 2025, subject to regulatory approvals. Following the acquisition, IAS will become privately held, its stock will no longer be publicly listed, and it will continue operating under the IAS name.

Jefferies LLC and Kirkland & Ellis LLP advised IAS, while Evercore and Willkie Farr & Gallagher LLP advised Novacap.