PROVIDENCE – Providence Equity Partners LLC has agreed to make a major investment in DoubleVerify, a New York-based digital-media firm that specializes in optimizing advertisements for an online audience.
Though the terms of the transaction were not disclosed, an Aug. 23 release stated the investment makes Providence Equity the majority stakeholder in DoubleVerify.
In connection with the investment, digital-advertising executive and former CEO of Starcom MediaVest Group Laura Desmond has been appointed as lead director of DoubleVerify’s board of directors. Wayne Gattinella, president and CEO of DoubleVerify, will continue to head the company with his current management team.
“As a leader in an increasingly important space, DoubleVerify is a dynamic, high-growth company with significant opportunities before it,” said Davis Noell, managing director at Providence Equity Partners. “The world’s largest brands are facing significant transparency challenges in digital advertising and DV’s software and data solutions are helping solve these critical pain points.”
DoubleVerify’s digital-media measurement software, DV Pinnacle, provides real-time evaluation and quality analysis of active internet ads, supplying clients with vital feedback about which brand campaigns are successfully reaching the target audience and which underperforming campaigns need improvement. It also ensures ads are viewable, fraud-free and compliant with brand-safety requirements.
Since DoubleVerify’s founding in 2008, the company has emphasized media transparency and accountability to optimize online advertisements, and their clients have included hundreds of Fortune 500 companies, according to the company’s statement.
“Providence Equity has a demonstrated ability to partner with unique data companies to realize accelerated growth and customer adoption,” said Gattinella. “With Providence’s sector expertise and strategic insight, DoubleVerify is well positioned to capitalize on the outsized set of market opportunities and to launch new services that define the future of digital-advertising engagement.”
Desmond, who has more than two decades of experience in digital marketing and advertising, cited media quality as the “No. 1 issue impacting digital ad performance” and said that “no company is in a better position to solve these issues than DV.”
Providence Equity Partners, a global private-equity firm headquartered in Providence with $50 billion in assets under management, has invested in more than 160 companies to date with a focus on the media, communications, education and information industries.
Alongside Providence Equity, Blumberg Capital will remain a DoubleVerify investor. David Blumberg, founder and managing partner of Blumberg Capital, has also been appointed to DoubleVerify’s board of directors.
KeyBanc Capital Markets Inc. served as financial adviser to DoubleVerify for the transaction while Dentons US served as the digital-media firm’s legal adviser. Weil Gotshal & Manges served as legal adviser to Providence Equity Partners.
Kaylen Auer is a PBN contributing writer.
