"But, over the past two years, the ad tech deal machine began whirring again, albeit with slightly less vigor. Last year, which was a relative bonanza compared to the doldrums of 2023, was a hard act to follow. Still, there were more than a few significant acquisitions in 2025, from ad tech OGs to AI startups."
"Take T-Mobile's acquisition of digital out-of-home platform Vistar Media in January, followed by its purchase of location data platform Blis less than two months later, and The Trade Desk's acquisition of Sincera to bolster its DSP with deeper supply-path and ad-quality insights. During the first three quarters of this year, strategic buyers accounted for the majority (71%) of scaled ad tech transactions compared with 58% during the same period last year, according to LUMA Partners."
M&A activity in ad tech recovered after a two-year lull, with 2025 featuring a string of notable acquisitions across established firms and AI startups. Strategic buyers drove 71% of scaled ad tech transactions in the first three quarters, up from 58% year-over-year, per LUMA Partners. Major deals included T‑Mobile's $600 million purchase of Vistar Media and subsequent acquisition of location-data firm Blis, The Trade Desk's buy of Sincera, Outbrain's acquisition of Teads, and Mediaocean's acquisition of Innovid. Agency consolidations included Publicis merging Leo Burnett and Publicis Worldwide into Leo, while CHEQ acquired Deduce.
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