GCG’s Q1 2024 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 decreased in Q1 2024 with 106 announced deals, down from 152 in Q4 2023, representing a 30% decrease. This is also lower than the prior year, as there were 135 announced transactions in Q1 2023, representing a 21% year-over-year decrease.
• AdTech and Digital Marketing public company EBITDA multples increased slightly and Revenue multiples stayed flat in Q1 2024 from Q4 2023, but multiples still remain well below the 5-year average valuation multiples.
• Over 2023, AdTech public stock performance slightly outpaced the S&P 500 and NASDAQ composite indices with a 34.2% annual return compared to the S&P 500 and NASDAQ annual returns of 27.9% and 34.0%, respectively with Digital Marketing underperforming with an annual return of -8.7%.

Click here for the full update.

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