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.
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
