Integral Ad Science Holding Corp. (IAS) is a leading global media measurement and optimization platform. The company focuses on providing independent measurement and verification of digital advertising across various devices, channels, and formats, including desktop, mobile, connected TV, social, display, video, and emerging media like audio and gaming. IAS sells solutions that ensure media quality standards, optimize ad spend for advertisers, and improve inventory yield and revenue for publishers.
- Optimization - Provides solutions that enhance the effectiveness of digital advertising by optimizing ad placements and ensuring they reach the intended audience.
- Measurement - Offers independent verification services that measure the viewability and quality of digital ads, ensuring they are seen by real people in brand-safe environments.
- Publisher - Delivers tools and services that help publishers maximize their ad inventory yield and revenue through improved media quality and performance.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Jill Putman ExecutiveBoard | Interim Chief Financial Officer (CFO) | Arctic Wolf Networks; Avalara | Jill Putman has served as the Interim CFO at IAS since January 3, 2025 following Tania Secor’s departure and has been a member of the IAS Board of Directors since January 2021. She brings extensive financial leadership experience from her previous roles including CFO at Jamf Holding Corp. from 2014 to September 2022 and CFO at Kroll Ontrack from July 2011 to May 2014. | |
Lisa Utzschneider ExecutiveBoard | Chief Executive Officer | Lisa Utzschneider has served as the Chief Executive Officer and Director at IAS since January 2019. She has a rich history in the digital advertising sector, having held key executive roles at Yahoo!, Amazon, and Microsoft. | View Report → | |
Alexis Gil Executive | Chief Accounting Officer | Alexis Gil is the Chief Accounting Officer at IAS since November 27, 2023. He has extensive financial leadership experience, having served as Vice President, Global Controller at Sprinklr, Inc. from February 2021 to November 2023. |
- Given your dual China strategy detailed in documents and , how do you plan to overcome the regulatory and competitive hurdles to effectively balance “China in” and “China out” opportunities while ensuring consistent service quality?
- With intense competition from peers like DoubleVerify, why do you believe the test-and-learn approach for market entry, as noted in document , will secure a competitive advantage over a rapid first-to-market strategy in activation solutions?
- In light of the pricing challenges highlighted in document , can you explain how the observed differences between moat versus nonmoat client dynamics affect your overall revenue model and profitability outlook?
- Considering the recent Oracle wins described in document , what are the key challenges you anticipate in converting these new accounts, and how will you mitigate potential obstacles in upselling and cross-selling within that customer base?
- As the shift in CTV from direct deals to real-time bidding intensifies, referenced in documents and , how do you expect this evolution to impact both volume and pricing, and what measures are in place to address any associated risks?
Research analysts who have asked questions during INTEGRAL AD SCIENCE HOLDING earnings calls.
Andrew Marok
Raymond James Financial
4 questions for IAS
James Heaney
Jefferies
4 questions for IAS
Jason Helfstein
Oppenheimer & Co. Inc.
4 questions for IAS
Jason Kreyer
Craig-Hallum Capital Group LLC
3 questions for IAS
Omar Dessouky
Bank of America
3 questions for IAS
Youssef Squali
Truist Securities
3 questions for IAS
Brian Pitz
BMO Capital Markets
2 questions for IAS
Justin Patterson
KeyBanc Capital Markets
2 questions for IAS
Mark Kelley
Stifel, Nicolaus & Company, Incorporated
2 questions for IAS
Robert Coolbrith
Evercore ISI
2 questions for IAS
Jacob Armstrong
KeyBanc Capital Markets
1 question for IAS
Mark Zgutowicz
The Benchmark Company
1 question for IAS
Matthew Cost
Morgan Stanley
1 question for IAS
Matthew Farrell
Piper Sandler
1 question for IAS
Nicholas Cronin
Truist Securities
1 question for IAS
Raimo Lenschow
Barclays
1 question for IAS
Robert Culbreth
B. Riley Securities
1 question for IAS
Robert Sanderson
Loop Capital Markets
1 question for IAS
Yun Kim
Loop Capital Markets
1 question for IAS
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Our industry is highly competitive with a mix of large, established companies such as DoubleVerify, Inc. Our industry continues to evolve, with competition intensifying and is expected to continue to intensify. We believe that we primarily compete on our comprehensive coverage across channels, devices, and platforms; trusted independent position; established client relationships with many of the leading global brands; global footprint; and breadth and performance of our solutions. | |
Human, Inc. | Our industry is highly competitive with various point solution providers such as Human, Inc. |
ZEFR, Inc. | Our industry is highly competitive with various point solution providers such as ZEFR, Inc. |
Nielsen | Some of our competitors, such as Nielsen, may have a longer operating history and greater name recognition. As a result of these or other circumstances, our competitors may be better able to respond quickly to new technologies, develop deeper relationships, or offer competitive products and services at lower prices. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Publica | 2021 | IAS acquired Publica on August 9, 2021 in a deal valued at $220 million, structured as approximately 75% cash and 25% stock; the acquisition was strategically aimed at accelerating IAS's CTV strategy by integrating Publica’s robust CTV ad platform and leadership (CEO Ben Antier) to enhance monetization and transparency in the CTV ad ecosystem. |
Amino Payments | 2021 | IAS acquired Amino Payments in 2021, though the documents do not provide further details on its deal value, structure, or specific capabilities, leaving the strategic rationale and asset portfolio information unstated. |
Recent press releases and 8-K filings for IAS.
- Integral Ad Science Holding Corp. (IAS) entered into an Agreement and Plan of Merger with Igloo Group Parent, Inc. and Igloo Group Acquisition Company, Inc. on September 24, 2025, under which IAS will become a wholly-owned subsidiary of Igloo Group Parent, Inc..
- The merger is financed by an equity commitment of up to $857,800,000 from Novacap-affiliated funds and $1,150,000,000 in debt financing, consisting of a $1,000,000,000 term loan and a $150,000,000 revolving credit facility, provided by Royal Bank of Canada, Bank of America, N.A., and Barclays Bank PLC.
- The closing of the merger is scheduled to occur no earlier than November 23, 2025.
- Private equity firm Novacap is acquiring Integral Ad Science (IAS) in a $1.9 billion all-cash deal, valuing IAS shares at $10.30 each, which represents a 22% premium over the recent closing price.
- The transaction will take IAS private, with its stock delisting from public markets, and is expected to close by the end of 2025.
- IAS has demonstrated robust financial performance, including a revenue growth rate of 12.4% over the past three years, a gross margin of 78.03%, and an Altman Z-Score of 9.51, indicating strong financial health.
- Shareholders holding a majority of the outstanding shares have already approved the deal by written consent, and current shareholder Vista Equity Partners will conclude its investment upon closing.
- Integral Ad Science (IAS) has entered into a definitive agreement to be acquired by Novacap, a North American private equity firm.
- The all-cash transaction values IAS at approximately $1.9 billion.
- IAS shareholders will receive $10.30 per share in cash, which represents a 22% premium to IAS’s closing share price on September 23, 2025.
- The transaction, unanimously approved by the IAS Board of Directors, is expected to close before the end of 2025.
- Upon completion, IAS will become a privately held company, and its common stock will no longer be listed on any public market.
- Integral Ad Science (IAS) announced it has entered into a definitive agreement to be acquired by Novacap, a private equity firm, in an all-cash transaction.
- The transaction values IAS at approximately $1.9 billion.
- Under the terms of the agreement, IAS shareholders will receive $10.30 per share in cash, representing a premium of approximately 22% to IAS's closing share price on September 23, 2025.
- The acquisition is expected to close before the end of 2025, subject to customary closing conditions, after which IAS will become a privately held company and its common stock will no longer be listed on any public market.
- Integral Ad Science (IAS) reported strong Q2 2025 results, with 16% top-line growth and a 35% EBITDA margin, driven by continued demand in key growth vectors including social, programmatic/performance, and CTV.
- IAS emphasizes its "AI first" approach, with AI classification models now 98% faster and 45% more accurate, and is expanding its global presence, with over 50% of TikTok revenue being international.
- The company is investing in the mid-market segment, which is contributing to growth, and has strengthened its balance sheet by paying off long-term debt and extending its credit facility, providing capacity for future M&A in areas like CTV and outcomes.
- Integral Ad Science Holding Corp. reported Q2 2025 revenue of $149.2 million, marking a 16% year-over-year growth.
- The company achieved Adjusted EBITDA of $51.6 million with an Adjusted EBITDA margin of 35% in Q2 2025.
- As of June 30, 2025, IAS maintained a strong financial position with $91 million in cash and no outstanding debt.
- Key business metrics for Q2 2025 include 240 large advertising customers and a Net Revenue Retention (NRR) of 110%.
- On June 17, 2025, Integral Ad Science completed the Second Amendment to its Credit Agreement, with all required lender consents received and no Default or Event of Default, marking a key milestone in its expanded credit facility .
- The amendment extends the maturity of the revolving credit facility to June 17, 2030 and introduces a $30 million swingline loan sub-facility alongside existing sublimits .
- An enhanced accordion feature now allows borrowings to increase from $300 million to at least $550 million, subject to lender approval .
- The credit facility also includes established $100 million currency and $30 million standby letter of credit sublimits .
- As of March 31, 2025, IAS maintained a robust liquidity profile with $59 million in cash and cash equivalents .
- The legal agreement is binding among IAS, its subsidiaries, and PNC Bank, National Association serving as the administrative agent .
- IAS showcased its global measurement and optimization platform that serves Fortune 500 advertisers (84% of revenue) and a strong publisher segment (16%), while expanding into international and mid-market opportunities.
- The company announced the hiring of new CFO Alpana Wegner, set to start on June 10, marking a leadership update following interim management.
- Strong Q1 performance was highlighted with notable growth in programmatic (24%), social measurement (15%), and publisher segments (33%), supporting an upward revision of 2025 guidance.
- IAS has appointed Alpana Wegner as its new Chief Financial Officer, effective June 10, 2025.
- Wegner will lead the global finance team and report directly to CEO Lisa Utzschneider, replacing Interim CFO Jill Putman.
- With over 25 years of financial leadership experience from previous roles at Secureworks and Benefitfocus, she is expected to bolster the company’s financial strategy.
- IAS CEO Lisa Utzschneider detailed the company’s focus on performance optimization and ad verification, ensuring high-quality, fraud-free digital advertising environments.
- The discussion highlighted substantial investments in AI-driven solutions, with 30% of the engineering team dedicated to enhancing programmatic efficiency and transparency for improved ROI.
- Significant expansion in CTV was emphasized, including a reported 30% year-over-year growth in the publisher segment, showcasing robust momentum in the fast-growing CTV market.