DoubleVerify ($DV), an advertising verification platform for some of the world's largest brands, made a strong public debut Wednesday on the New York Stock Exchange, popping 28 percent at the open and bringing its market cap to more than $5 billion.
CEO Mark Zagorski said a combination of "internal financial momentum" and high demand for its product amid a spike in digital advertising spurred the decision to go public.
"The combination of great internal metrics plus an environment that's just really ripe for our solution came together at the right time, and it was just a great opportunity for us to go out and tap into the public markets for additional capital to grow the business," he told Cheddar.
DoubleVerify sells software to companies allowing them to track their digital advertisements. This includes everything from basic analytics to fraud-tracking.
The ad-tech company made $244 million in revenue in 2020, up 34 percent growth from the previous year, according to Zagorski. He added that the past year has really proven the "resiliency" of the business model, which he stressed stands apart from other publicly listed ad-tech companies.
"Even as ad dollars fluctuate, where we sit in that kind of stack is we're a utility," he said. "When advertisers have less dollars to spend, every dollar they spend becomes that much more important. So, solutions like ours, which ensure that an ad isn't wasted on fraud or an impression that's not viewable or that goes to a bot, becomes that much more important."
To the regular internet user, DoubleVerify's presence is basically invisible. But for the advertiser, the verification software is crucial to make sure an ad is reaching its intended audience.
"When we do our job right, this is a seamless operation," Zagorski said.
With 15 global markets under its belt, DoubleVerify plans to continue expanding around the world. "Our solution is global in nature. Fraud doesn't have a regional home," he explained.
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