IAS to Go Private in $1.9 Billion Novacap Deal, Shareholders to Receive $10.30 per Share in Cash
Novacap Acquisition Offers Shareholders a 22% Premium—Here’s What Stands Out
Integral Ad Science (IAS), a leader in global media measurement and optimization, has agreed to be acquired by private equity firm Novacap for $1.9 billion in cash. Under the deal, announced September 24, 2025, shareholders will receive $10.30 per share, a 22% premium over the prior closing price. This move positions IAS for the next stage of growth as a private, AI-focused company and removes the stock from public markets.
Key Deal Terms: Immediate Value and Strategic Flexibility
Shareholders benefit from the deal's clear structure and favorable pricing. The board of IAS has unanimously approved the transaction, and a majority of shareholders have already given their written consent. No additional shareholder vote is needed, and no financing conditions apply—streamlining the path to closure before the end of 2025, pending regulatory approvals.
| Acquirer | Transaction Value | Cash Price per Share | Premium to Last Close | Expected Close |
|---|---|---|---|---|
| Novacap | $1.9 Billion | $10.30 | 22% | By End of 2025 |
Transition to Private: Strategic Opportunity for IAS’s AI Platform
The buyout means IAS will leave public exchanges and continue operating under its brand as a privately held firm. CEO Lisa Utzschneider highlighted the growth opportunities afforded by private ownership and Novacap’s support: “As a private company with Novacap, we will have access to new resources to achieve our strategic goals...and advance our mission to be the global benchmark for trust and transparency in digital media quality.”
Novacap brings deep industry experience and $10 billion in assets under management, with plans to further develop IAS’s AI-powered advertising solutions. Existing majority shareholder Vista Equity Partners will exit the investment upon deal completion, and Jefferies, Evercore, Kirkland & Ellis, and Willkie Farr & Gallagher are acting as financial and legal advisors for both parties.
Market Impact: What This Means for Shareholders and the Industry
The $10.30 per share cash payout locks in a strong gain for shareholders and insulates them from future market volatility. As a privately held company, IAS is expected to have more operational flexibility to invest in AI and technology, with fewer public reporting obligations and potentially a longer-term strategic horizon. Industry watchers will be following whether this increased agility leads to further innovations in media quality measurement and optimization.
Next Steps: Key Considerations Ahead of Transaction Close
The acquisition has already received significant shareholder support, but will still require customary regulatory approvals. Upon completion, IAS common stock will be delisted and public investors will no longer participate in the company’s growth, making this the last liquidity event before the company goes private.
For current shareholders, the primary takeaway is clear: the Novacap deal represents a definitive exit at a premium price. For industry stakeholders, the move signals renewed private equity interest in digital advertising technology and continued confidence in the growth prospects for AI-driven platforms.
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