The outlook for ad tech M&A in 2025

According to LUMA Partners’ 2024 Full Year Market Report, the digital media and marketing ecosystem experienced a 13% annual increase in overall mergers and acquisitions compared to the previous year.

Specifically, the ad tech sector saw a notable 73% rise in deal volume during this period, and per the Q1 deal flow this year, that trend looks set to continue. Some have even tipped a return of initial public offerings in the space in 2025. 

But what kind of mergers and acquisitions will keep corporate development execs busy in the coming months: distressed exits or frothy returns, and who will be in market?

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