GCG’s Q2 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 increased in Q2 2024 with 175 announced deals, up from 106 in Q1 2024, representing a 65% decrease. This is also greater than the prior year, as there were 128 announced transactions in Q2 2023, representing a 37% year-over-year increase.
• AdTech public company EBITDA and Revenue multiples decreased slightly in Q2 2024 from Q1 2024, while Digital Marketing public company EBITDA multiples increased slightly and Revenue multiples stayed flat in Q2 2024 from Q1 2024. Multiples still remain below the 5-year average valuation multiples.
• Over the past year, AdTech and Digital Marketing public stock performance greatly underperformed compared to the S&P 500 and NASDAQ composite indices with 9.6% and 1.9% annual returns, respectively, compared to the S&P 500 and NASDAQ annual returns of 27.9% and 34.0%, respectively.

Click here for the full update.

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