M&A Deals Focused on Performance Gaining Momentum

The past decade has seen a significant rise in demand for scalable, data-led solutions, resulting in a 20% increase in performance-related deals and a substantial 196% surge in median deals, according to UK-based media and technology advisory firm WY Partners. By combining data from their tracker service with PitchBook data, WY Partners has highlighted several UK deals focusing on the digital performance-driven business sector.

One notable acquisition was Croud’s purchase of data analytics firm Metageni, emphasizing marketing analytics and optimization. Additionally, the sale of gaming specialist agency Miri Growth to MSQ Partners showcased the growing trend toward digital performance-driven businesses. Croud also secured new investment from ECI Partners, marking LDC’s exit after a five-year tenure as a minority investor.

The report published by WY Partners identified three key themes pertinent to the UK market, which can also be applied to the U.S. These include the integration of AI and machine-learning algorithms for bid optimization and predictive analytics, the shift away from third-party cookies necessitating a focus on privacy adoption through server-side tracking and zero-party data strategies, and the diversification of channel mixes beyond Google and Facebook to platforms like TikTok, LinkedIn, and connected TV (CTV) to enhance cross-channel attribution opportunities.

Ella Wills, WY Partners’ head of marketing, emphasized significant performance marketing deals in the first quarter of 2025, such as LDC’s sale of portfolio company Blis to T-Mobile, valuing the business at $175 million. Described as a provider of privacy-centric advertising solutions with omnichannel targeting capabilities, Blis aims to connect brands with their target audiences effectively. Publicis Groupe’s acquisition of Captiv8, an AI-powered influencer platform, for approximately $150 million further underscores the shift toward creator-led, performance-driven content strategies.

Furthermore, DoubleVerify’s acquisition of attribution startup Rockerbox for $85 million aims to enhance multichannel measurement capabilities within the advertising technology space. MNTN, an ad-technology platform specializing in performance-based connected TV (CTV) advertising, went public in early 2025 with a valuation of $1.62 billion, highlighting the increasing focus on driving measurable outcomes and providing advertisers with granular reporting on conversions rather than mere impressions or views.

Looking ahead, Wills anticipates ongoing mergers and acquisitions activity within performance-led agencies and technologies, driven by the continued demand for scalable, measurable marketing solutions. Businesses leveraging AI-powered optimization, privacy-centric data strategies, and cross-channel execution with advanced analytics and first-party data infrastructure are likely to attract attention from strategic acquirers and private equity investors seeking to capitalize on the evolving digital landscape.