DoubleVerify Announces $350 Million Investment
DoubleVerify (“DV”, the “Company”), a leading software platform for digital media measurement and analytics, announced an agreement for a $350 million investment from an investor group led by Tiger Global Management (“Tiger”). Fidelity Management & Research Company LLC also participated in the round, together with funds and accounts managed by BlackRock, and funds advised by Neuberger Berman Investment Advisers LLC, among others. Providence Equity Partners (“Providence”), which invested in DoubleVerify in 2017, remains the majority investor.
The new investment will primarily be used to purchase shares from existing shareholders and a portion will be used to support continued growth in the business. The backing from the new investor group comes as DoubleVerify continues to innovate and invest in new growth areas including media performance optimization and Connected TV analytics.
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“The support of these high caliber investors speaks to DoubleVerify’s momentum, including new customer growth, product innovation, and global expansion,” said Mark Zagorski, Chief Executive Officer of DoubleVerify.
“We look forward to partnering with Mark and the entire DoubleVerify management team as the Company continues the growth of its business globally,” said John Curtius, Partner, Tiger Global.
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“The DoubleVerify team has consistently executed across all levels of the business,” added Davis Noell, Senior Managing Director at Providence and Chairman of the Board at DoubleVerify. “We welcome the investment by Tiger and these other premier investment firms, and we are excited to continue to support the Company.”
DoubleVerify expects the new investment round to close in the fourth quarter of 2020. Earlier this month, the Company also refinanced its credit facility and entered into a new $150 million revolving credit facility, led by Capital One, N.A., of which only a portion is currently outstanding prior to the closing of this transaction.
J.P. Morgan and Goldman Sachs & Co. LLC acted as Joint Placement Agents on behalf of the Company and Providence.
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