Remember M&A? Well, it’s still an M&A year for the adtech industry.
Mobile-focused marketing analytics company AppsFlyer is reportedly in “advanced talks” to be acquired for between $3.5 billion and $4.5 billion, according to CTech, the technology news site of Calcalist, Israel’s leading financial news daily. (Calcalist and CTech are excellent, by the way, and regularly land big scoops.) Sources, per the report, say the buyer is expected to be a private equity firm, with Goldman Sachs advising on the sale process.
Wow, that’s a big price tag, but also quite a turnaround for a company that laid off employees earlier this year. Ultimately, it seems justified given the quiet success AppsFlyer has delivered. Per CTech:
The company has not raised capital since 2020, when it was valued at $2 billion. Since then, AppsFlyer’s revenues have tripled, and it has maintained profitability for several consecutive quarters. New products launched over the past two years have significantly contributed to its growth.
What buyers in the PE space could foot the bill? KKR? Bain? We have no idea and are just wildly speculating, so forgive us. (But wild, irresponsible speculation is always fun.)
Why This Matters:
AppsFlyer is one of the biggest names in mobile attribution and marketing measurement, working with thousands of app developers and brands globally. The company also offers a unique and pretty comprehensive set of solutions. I mean, look at this list:
When it comes to the price, measurement and outcomes go hand in hand. If you can measure and deliver on attribution, there’s significant value — and demand — in that capability. Hence the deal size.
A transaction of this scale would be among the largest adtech deals in recent years and could signal growing private equity interest in the space. Just a few weeks ago, for example, we saw rumors about IAS as a PE M&A target. (They had a great quarter, by the way, which we’ll be adding to our Q2 tracker.)
Experts React:
Here are some interesting posts on X about the news:
Our Take:
Measurement companies are in demand in 2025. Earlier this year, for example, DoubleVerify acquired Rockerbox. As discussed, IAS — another media quality player focused on quality for measurement — could also be in play. Now we’re seeing some swirl around AppsFlyer. Measurement capabilities ultimately support outcomes, and it’s worth wondering if we’ll see more deal activity in this space before the year closes. (Though AI startups seem to have sucked up all of the oxygen in the room.)
AdTechRadar is owned by Chris Harihar, who leads PR at Mod Op. DoubleVerify is a Mod Op client.
