Advertising and Marketing Technology Bi-Weekly Industry Events & M&A Update — September 11–25, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › ADVERTISING AND MARKETING TECHNOLOGY

Sell-Side Platforms Gain While the Rest of the Sector Drifts Lower

What moved, what companies announced, and what changed in M&A across advertising and marketing technology from September 11–25, 2026.

September 11–25, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-25 · events and transactions from the two-week period 2026-09-11 → 2026-09-25

Advertising and Marketing Technology Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice

Sources & methodology

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The analyst’s walkthrough of the deck, page by page.

1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › ADVERTISING AND MARKETING TECHNOLOGY

   This is the cover page for the Advertising and Marketing Technology bi-weekly industry events and M&A update covering September 11–25, 2026.

   This bi-weekly update covers Advertising and Marketing Technology industry events, public market moves, and M&A activity for the period ending September 25, 2026. We'll walk through what changed, who moved and most likely why, what transacted, and what it means for owners, acquirers, and advisors.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › ADVERTISING AND MARKETING TECHNOLOGY Sell-Side Platforms Gain While the Rest of the Sector Drifts Lower What moved, what companies announced, and what changed in M&A across advertising and marketing technology from September 11–25, 2026. September 11–25, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-25 · events and transactions from the two-week period 2026-09-11 → 2026-09-25 Advertising and Marketing Technology Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   A Narrow Sell-Side Rally Against a Broadly Softer Sector

   This slide summarizes the two-week period as a narrow sell-side rally against a broadly softer sector across 13 covered names.

   Across the 13 names we track, the sector median move was -1.9% while the S&P 500 returned +1.0% over the same window, so the sector lost ground against a rising market. The gains were narrow, concentrated on the supply side of the ad-tech stack rather than spread across the sector. No M&A transactions printed in the window, leaving the trailing reference set of 40 deals and its 8.6x EV/EBITDA median as the standing comparison. So what: this is a market rewarding a specific structural position rather than the sector broadly.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE A Narrow Sell-Side Rally Against a Broadly Softer Sector The two-week period in one page · 13 covered names, close-to-close · September 11–25, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Advertising and Marketing Technology Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 2 1 10 of 13 Covered Names Fell; The Median Move Was -1.9% Only 3 of the 13 covered names rose over the two-week period. The S&P 500 returned +1.0% across the same window, so the sector gave ground against a rising market. 2 The Supply Side Was Where the Gains Sat PubMatic, Inc. (PUBM), a Premium-tier name in NeuraCap's standing view, finished the two-week period at +12.5%, with its largest single day on Sep 24 at +6.3%. 3 Demand-Side and Open-Web Names Carried the Drawdown The Trade Desk, Inc. (TTD) ended at -11.9% and Taboola.com Ltd. (TBLA) at -9.2%. Zillow Group, Inc. Class C (Z) posted the widest fall at -13.4%. 4 No Transactions Printed, so the Reference Set Held Still Nothing was announced in the window. The trailing record of 40 transactions still carries a median of 8.6x EV/EBITDA, and the study's sector median of 6.6x CY2027E EV/EBITDA is the standing lens. +12.5% Best mover — PubMatic, Inc. (PUBM) worst: Z -13.4% · 3 up / 10 down of 13 covered -1.9% Sector median two-week return vs S&P 500 +1.0% 1 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   The Supply Side Earns a Bid; The Buy Side Absorbs the Pressure

   This slide details the individual stock moves that separated supply-side gainers from demand-side and open-web decliners.

   PubMatic, Inc. (PUBM) led the supply side, finishing the period at +12.5%, while The Trade Desk, Inc. (TTD) fell -11.9% and Taboola.com Ltd. (TBLA) declined -9.2%. Zillow Group, Inc. Class C (Z) posted the widest move in either direction at -13.4%. Against a sector median of -1.9% and a materiality bar of 5.3%, these moves stand out as the period's clearest signals rather than noise. So what: the dispersion shows where the market is pricing structural advantage within the stack, not just sentiment.

   Everything on this page

   PUBLIC MARKET MOVERS The Supply Side Earns a Bid; The Buy Side Absorbs the Pressure Bi-Weekly moves, close-to-close · September 11–25, 2026 · sector median -1.9% · S&P 500 +1.0% · materiality bar ±5.3% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Advertising and Marketing Technology Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -1.9% Zillow Group, Inc. Class C (Z) -13.4% No notable in-window news was identified that clearly explains the move. The decline was wider than the -1.9% median across covered names. A Core-tier name can post the period's widest move while the sector median stays close to flat. UNEXPLAINED PubMatic, Inc. (PUBM) +12.5% Shares moved following the Sep 17 report that supply-side names rallied on an unsealed antitrust remedies opinion covering ad auctions, with PubMatic noted up 6% that morning. The name closed the two-week period at +12.5%. Regulatory outcomes that reshape auction routing are now a supply-side valuation input, not background noise. SECTOR-WIDE The Trade Desk, Inc. (TTD) -11.9% The move appears to reflect index-removal flows, which a Sep 22 report said were still pressuring the shares. Separately, a Sep 15 filing disclosed a CEO option struck at $14.97 that vests against targets running from $18 to $105. Flow-driven pressure on a Core-tier leader can widen the gap between the share price and the operating record. COMPANY-SPECIFIC Taboola.com Ltd. (TBLA) -9.2% Shares moved following a cluster of securities class-action notices dated Sep 15 and Sep 16, each pointing to an October 20, 2026 lead-plaintiff deadline and to claims about publisher relationship valuations. Legal claims about how publisher relationships are characterised land straight on take-rate credibility. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Product News on One Side, Legal Notices on the Other

   This slide lists the two-week period's highest-impact news items, from product announcements to legal notices, each linked to its source.

   The period's catalysts split cleanly: product and platform news on one side, legal and litigation notices on the other. Each item is attributed only where a filing or article was recorded in the window, and our 'why it matters' reads are calibrated judgments, not asserted causes. So what: reading the news against the price moves on the prior slide helps separate names moving on company-specific developments from names moving with the sector.

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   MAJOR NEWS & INDUSTRY CATALYSTS Product News on One Side, Legal Notices on the Other The two-week period's highest-impact events · titles link to the underlying filing or article · September 11–25, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Advertising and Marketing Technology Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 16 · NEWS · Business Wire Criteo signs a reseller partnership to extend regional reach for its commerce platform Partnered distribution adds advertiser and retail media reach without adding local sales headcount. That is the self-serve scaling argument the sector's value drivers reward. Partnered distribution is a cheaper route to new demand than building regional sales capacity. Sep 16 · NEWS · GlobeNewsWire Magnite expands its orchestration layer with new omnichannel capabilities and third-party integrations A coordination layer connecting media owners, buyers and technology partners is how a supply-side platform defends take rate through curation rather than pure intermediation. Owning the coordination step is the defence against being routed around in the supply path. Sep 16 · NEWS · Newsfile Corp Securities class action against Taboola moves toward an October 20 lead-plaintiff deadline The claims centre on publisher relationship valuations and advertiser success representations, which go to revenue quality — the separator NeuraCap's standing thesis puts at the centre of the sector. Revenue quality is now being contested in court, not only in earnings calls. Sep 16 · NEWS · Newsfile Corp A second firm opens an investor recovery window in the Taboola securities case The steady cadence of filings keeps a Discount-tier name's disclosure record under review while its peers spend the period announcing product and distribution. Legal news flow competes for attention with the operating news peers are putting out. Sep 16 · NEWS · GlobeNewsWire Investors are reminded of the October 20 deadline in the Taboola securities action Concentrated legal headlines around one name shaped a large share of the period's sector news flow, which shifts where the sector's story gets told. When transaction news is absent, one company's litigation can define a period's narrative. Sep 15 · 8-K · SEC EDGAR The Trade Desk grants its CEO an option that vests only against seven share-price targets The award is struck at $14.97 and vests against targets from $18 to $105, which signals how the board frames the path back for a Core-tier name after the period's decline. Boards are anchoring pay to price recovery, a signal buyers read alongside the operating numbers.

5. 05
   M&A & STRATEGIC ACTIVITY

   A Quiet Transaction Window Leaves the Reference Set Intact

   This slide reports that no new transactions were announced in the window, leaving the trailing precedent set of 40 deals and its 8.6x EV/LTM EBITDA median unchanged.

   No transactions were announced in this two-week period, so the reference set held at 40 recorded deals with a median of 8.6x EV/LTM EBITDA. We treat this as a quiet window in flow, not a signal about deal appetite. So what: acquirers and targets alike are working from the same trailing comparison set going into the next period.

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   M&A & STRATEGIC ACTIVITY A Quiet Transaction Window Leaves the Reference Set Intact September 11–25, 2026 · precedent transactions: 40 recorded deals · median 8.6x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Advertising and Marketing Technology Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing record still stands at 40 transactions with a median of 8.6x EV/EBITDA, which remains the reference point buyers and sellers argue from. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 40 Recorded precedent transactions the reference set buyers and sellers price against 8.6x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What a Quiet Deal Period Still Tells You

   This slide translates the period's evidence into observations for owners, acquirers, and advisors.

   For owners and operators, position in the supply path was rewarded this period, with PubMatic, Inc. (PUBM) at +12.5%. For acquirers, the transaction reference set is unchanged at 40 deals and 8.6x EV/EBITDA even as public marks moved. For advisors, the period's evidence points toward channel mix and auction routing as the questions worth leading with. So what: these are observations drawn from recorded evidence, not recommendations to act.

   Everything on this page

   WHAT IT MEANS What a Quiet Deal Period Still Tells You The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Advertising and Marketing Technology Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-25 EV / EBITDA (CY2027E) median 6.6x 15 companies in the study 3 valuation tiers Standing thesis: Advertising and marketing technology is four businesses; campaign and audience suites sit at the top of the range. FOR OWNERS & OPERATORS The Period Paid for Position in the Supply Path Companies that own a step in the supply path traded higher, with PubMatic, Inc. (PUBM) at +12.5%. The operating case behind that sits in ex-TAC gross profit, take rate on spend, net revenue retention and the connected TV and retail media share of spend. FOR ACQUIRERS The Transaction Reference Set Is Unchanged; The Public Marks Are Not With nothing announced, the comparison base stays at 40 trailing transactions and a median of 8.6x EV/EBITDA. FOR ADVISORS Lead with Channel Mix and the Auction Routing Question The period's evidence is specific: supply-side names rose on an antitrust remedies report, Magnite, Inc. (MGNI) put out an orchestration expansion, Criteo S.A. (CRTO) added reseller distribution, and Taboola.com Ltd. (TBLA) carried litigation notices at -9.2%.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains the sources and methodology behind every figure in the update.

   Every figure in this update links back to the record it was taken from — SEC filings, consensus estimates, and market prices through September 25, 2026. We separate observed fact, derived calculation, and our own judgment throughout, so you can see exactly what each statement rests on. So what: this transparency is what lets you act on the read with confidence.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 11–25, 2026 · market data through 2026-09-25 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Advertising and Marketing Technology Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 2 names below the floor were excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260925T150242Z_651_prod (market data as of 2026-09-25) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: businesswire.com · globenewswire.com · newsfilecorp.com · sec.gov · prnewswire.com

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