DoubleVerify raises $350 million from investors led by Tiger Global

Funds to be used to buy back shares from existing shareholders and invested in supporting business, with an IPO looming.

Measurement and analytics provider DoubleVerify  has raised $350 million from investors led by by Tiger Global Management. Other participants included Fidelity Management & Research Company, BlackRock and funds advised by Neuberger Berman Investment Advisers. Providence Equity Partners, which invested in DoubleVerify in 2017, remains the majority investor.

The company said in statement that the new tranche will primarily be used to purchase shares from existing shareholders, while some of it will be invested to support growth in the business. This investment comes close on the heels of DoubleVerify's investments in new growth areas including media performance optimisation and connected-TV analytics, the company said.

The company has had a busy 2020. In September, it announced it had shut down a million-dollar CTV and mobile fraud scheme and hired Google veteran Takashi Takeda to launch its offerings in Japan. DoubleVerify has also introduced anti-fraud certification for CTV and in January this year, extended its brand-safety controls to 100 languages

Elsewhere, the company is also reportedly in discussions for an initial public offering that would value it at $5 billion. Over the past few months, DoubleVerify has beefed up its top management, starting at the top with Mark Zagorski as chief executive in July. It also hired GroupM's product chief Jack Smith to the same role at the company. 

“The support of these high calibre investors speaks to DoubleVerify’s momentum, including new customer growth, product innovation and global expansion,” said Zagorski.

DoubleVerify expects the new investment round to close during the current quarter. Earlier this month, the company also refinanced its credit facility and entered into a new $150 million revolving credit facility, led by Capital One. Only a portion is currently outstanding prior to the closing of this transaction, the firm disclosed in a media statement. 

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