GCG’s Q4 2023 AdTech and Marketing Services Industry Update provides an overview of the latest trends in the sector, including recent performance, valuation multiples, and the state of the middle-market M&A environment.

Key findings include the following:

• AdTech and Digital Marketing announced transactions increased in Q4 2023 with 96 announced deals, up from 86 in Q3 2023, representing a 12% increase. This is still lower than the prior year, as there were 102 announced transactions in Q4 2022, representing a 6% year-over-year decrease.
• AdTech and Digital Marketing public company EBITDA and revenue multiples rose in Q4 2023 from Q3 2023, but multiples still remain well below the 5-year average valuation multiples.
• Over 2023, AdTech public stock performance significantly outpaced the S&P 500 and NASDAQ composite indices with a 65.5% annual return compared to the S&P 500 and NASDAQ annual returns of 22.5% and 42.0%, respectively with Digital Marketing underperforming with an annual return of -9.3%.

Click here for the full update.

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