Advertising and Marketing Technology Sector Outlook — September 2026

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INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › ADVERTISING AND MARKETING TECHNOLOGY

Advertising and Marketing Technology: Where the Value Sits

A data-led view of the Advertising and Marketing Technology universe — who plays, how the market prices them, what has transacted, and what it means for owners and acquirers.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-15 · primary valuation basis EV / Revenue (CY2027E)

Advertising and Marketing Technology Coverage | September 2026 | Confidential

Sources & methodology

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   INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › ADVERTISING AND MARKETING TECHNOLOGY

   Cover slide introducing the Advertising and Marketing Technology sector outlook dated September 2026.

   We're opening our September 2026 view of Advertising and Marketing Technology, built on EV / Revenue (CY2027E) as the sector's working valuation basis. What follows shows why tier membership, not the sector label, is what actually sets the price.

   Everything on this page

   INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › ADVERTISING AND MARKETING TECHNOLOGY Advertising and Marketing Technology: Where the Value Sits A data-led view of the Advertising and Marketing Technology universe — who plays, how the market prices them, what has transacted, and what it means for owners and acquirers. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-15 · primary valuation basis EV / Revenue (CY2027E) Advertising and Marketing Technology Coverage | September 2026 | Confidential Sources & methodology 1

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   CONTENTS

   What This Report Covers

   Contents page listing the report's five sections plus appendix.

   We've structured this report so the bottom line comes first — section one alone tells the whole story if that's all the time you have. From there we build out the landscape, the valuation drivers, the deal tape, and what it means for owners, operators and acquirers. So even a short read leaves you with the sector's core finding.

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   CONTENTS What This Report Covers 01 The Bottom Line What the Data Says, up Front 02 The Landscape Who Plays in Advertising and Marketing Technology — and What Each Part of the Market Is Worth 03 Valuation & Situations How the Market Prices the Sector on EV / Revenue 04 The Deal Tape What Has Actually Transacted 05 Strategic Implications The Agenda from Here 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Advertising and Marketing Technology Coverage | September 2026 | Confidential Sources & methodology 2

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   01 · THE BOTTOM LINE

   Advertising and Marketing Technology Is Priced in Tiers — and Tier Membership, Not the Sector Label, Sets the Conversation

   The bottom line: the sector prices in tiers on EV/Revenue, and tier membership sets the conversation more than the sector label does.

   The sector clears at a 2.0x EV/Revenue median, but that number hides a wide spread — the top quartile holds 3.5x against 0.7x at the bottom. Only 6 of the 13 companies we cover carry an eligible multiple on this basis, so the rated set is where the pricing conversation actually happens. A recorded transaction tape adds a second, active reference point alongside the public market. So the question for any name in this space isn't what the sector trades at — it's which tier that name is actually in.

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   01 · THE BOTTOM LINE Advertising and Marketing Technology Is Priced in Tiers — and Tier Membership, Not the Sector Label, Sets the Conversation The full story on one page · figures on EV / Revenue (CY2027E), market data as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (6 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (6 of 13 companies), so this report follows it. Qualitative characterisations are NeuraCap views. Advertising and Marketing Technology Coverage | September 2026 | Confidential Sources & methodology 3 1 The Sector Clears at 2.0x EV/Revenue, with a Wide Spread Around It 6 of 13 approved companies carry an eligible EV / Revenue on CY2027E consensus; the top quartile holds 3.5x against 0.7x for the bottom. 2 Faster Growers Carry the Higher Multiple; Slower Growers Trade at a Discount Rated names growing at 8% or faster command 1.7x, against 2.7x for the rest — the growth story, not the sector label, sets the price. 3 The Deal Tape Is Active Enough to Price Against 70 recorded transactions give the tier a usable reference set, newest first in section 04. 4 Where a Company Sits Determines the Agenda The situation map in the closing sections translates the set's own break-points into the questions an owner, operator or acquirer should resolve next. 2.0x Sector median EV/Revenue CY2027E consensus · 6 rated of 13 companies 3.5x Premium tier median vs 0.7x discount top quartile (n=2) against bottom quartile (n=2) — the spread the report explains 70 Recorded transactions in this tier told as case studies in the deal section; the full tape is in the appendix

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   SECTION 02

   02

   Divider introducing section 02: who plays in the sector and what each part is worth.

   Next we map who actually competes in Advertising and Marketing Technology and what each segment of that universe is worth.

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   SECTION 02 02 THE LANDSCAPE Who Plays in Advertising and Marketing Technology — and What Each Part of the Market Is Worth 02 of 06 Advertising and Marketing Technology Coverage | September 2026 | Confidential Sources & methodology 4

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   02 · MARKET MAP

   The 13-company Universe Groups into 4 Segments — Scale and Pricing Differ Across Them

   The 13-company universe splits into four segments with different scale and pricing.

   We've grouped the approved 13-company universe into four segments, each with its own median EV/Revenue. Scale and pricing differ meaningfully across those groups, which is the first sign that a single sector multiple understates what's really going on. So before comparing any two companies, we check which segment each one sits in.

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   02 · MARKET MAP The 13-company Universe Groups into 4 Segments — Scale and Pricing Differ Across Them 13 approved companies grouped by business segment · median EV / Revenue (CY2027E) per group · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Advertising and Marketing Technology Coverage | September 2026 | Confidential Sources & methodology 5 EMAIL, SMS AND LIFECYCLE MARTECH 6 cos 1.7x · 1 rated MNTN DV GTM KVYO PUBM WIMI OPEN-WEB PERFORMANCE ADVERTISING NETWORKS 4 cos median 0.7x TTD CRTO MCHX MGNI OWNED-AND-OPERATED MARKETPLACE MEDIA 2 cos 2.2x · 1 rated Z TBLA ADJACENT: DIGITAL OUT-OF-HOME MEDIA OWNER 1 cos 4.4x · 1 rated OUT

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   02 · LANDSCAPE

   One Sector Label, 4 Different Businesses

   One sector label covers four distinct businesses with different EV/Revenue medians.

   This page walks through what each of the four segments actually does and why the distinction matters commercially. The EV/Revenue medians shown are calculated only on the rated names within each group, so the comparison stays apples-to-apples where data allows. So the sector label is a starting point for conversation, not the answer.

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   02 · LANDSCAPE One Sector Label, 4 Different Businesses Segment view of the approved universe · EV / Revenue (CY2027E) medians on rated names · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Advertising and Marketing Technology Coverage | September 2026 | Confidential Sources & methodology 6 Segment n Share of universe Median EV/Revenue Names to know What they do — and why it matters Email, SMS and lifecycle martech 6 46% 1.7x n=1 MNTN · DV · +4 more 6 names. Led by MNTN, DV. Open-web performance advertising networks 4 31% 0.7x TTD · CRTO · +2 more 4 names. Led by TTD, CRTO. Owned-and-operated marketplace media 2 15% 2.2x n=1 Z · TBLA 2 names. Led by Z, TBLA. Adjacent: digital out-of-home media owner 1 8% 4.4x n=1 OUT 1 names. Led by OUT.

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   SECTION 03

   03

   Divider introducing section 03: how the market prices the sector on EV/Revenue.

   From here we turn to how the public market actually prices this sector on EV/Revenue.

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   SECTION 03 03 VALUATION & SITUATIONS How the Market Prices the Sector on EV / Revenue 03 of 06 Advertising and Marketing Technology Coverage | September 2026 | Confidential Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Sector Clears at 2.0x EV/Revenue — the Range Around That Median Is the Story

   The sector's six rated companies sort by EV/Revenue around a 2.0x median, with tier zones defined by quartiles.

   Across the six rated companies, EV/Revenue sorts from a top quartile near 3.5x down to a bottom quartile near 0.7x, with the sector median at 2.0x. We use EV/Revenue here because validated coverage supports it as the practitioner standard for this industry over EV/EBITDA. The tier zones are cut at the rated set's own quartiles, so they reflect this cohort specifically. So the range around the median, not the median itself, is what should frame any individual valuation discussion.

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   03 · PUBLIC MARKET VALUATION The Sector Clears at 2.0x EV/Revenue — the Range Around That Median Is the Story EV / Revenue (CY2027E) · all 6 rated companies, sorted descending · sector median 2.0x · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (6 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (6 of 13 companies), so this report follows it. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / Revenue (CY2027E) basis. Panel commentary is a NeuraCap view. Advertising and Marketing Technology Coverage | September 2026 | Confidential Sources & methodology 8 PREMIUM · median 3.5x CORE · median 2.0x DISCOUNT · median 0.7x Sector median 2.0x WHAT SEPARATES THE TWO ENDS The top of the range. Premium-tier names — OUT, TTD — hold a median 3.5x. The bottom of the range. Discount-tier names — Marchex, Inc. (MCHX), CRTO — trade at a median 0.7x. Why it matters. Which end a company is benchmarked against frames every valuation conversation that follows.

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   03 · VALUATION DRIVERS

   What the Market Rewards

   Median EV/Revenue by growth cohort, split at the covered group's median growth rate of 8%.

   We split the rated names with growth estimates into faster and slower cohorts at the covered median growth rate of 8%. The resulting medians show a clear pricing difference between the two groups. This is an association in the data we cover, not a claim of cause and effect. So growth positioning is worth checking before assuming a multiple is mispriced.

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   03 · VALUATION DRIVERS What the Market Rewards Median EV / Revenue (CY2027E) by revenue-growth cohort (split at the covered median, 8%) · rated names with growth estimates · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=3; slower n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Advertising and Marketing Technology Coverage | September 2026 | Confidential Sources & methodology 9 EV/Revenue, median per cohort Growth the Market Believes In Names growing at or above 8% carry 1.7x against 2.7x below it. Margin Quality Profitability differences compound the growth split rather than replacing it. Business Mix Segment medians differ across Email, SMS and lifecycle martech, Open-web performance advertising networks — mix, not the sector label, sets the multiple.

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    03 · SITUATION MAP

    Four Situations, Four Different Agendas

    A four-quadrant map cuts the cohort on EV/Revenue versus the 2.0x median and EBITDA margin versus the 30% covered median.

    We cut the cohort on two axes — EV/Revenue against the 2.0x sector median, and EBITDA margin against the 30% covered median — to produce four distinct situations. These are observations about where companies sit today, not recommendations to act. So the map is a starting point for the specific questions each situation raises, which the next page addresses.

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    03 · SITUATION MAP Four Situations, Four Different Agendas Cut on EV / Revenue vs the sector median (2.0x) (rows) and EBITDA margin vs the covered median (30%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Advertising and Marketing Technology Coverage | September 2026 | Confidential Sources & methodology 10 Credited and Delivering Above-median multiple · above-median EBITDA margin 1 names TTD The multiple already assumes execution; the agenda is defending what the market has credited. Premium Ahead of the Operating Case Above-median multiple · below-median EBITDA margin 2 names OUT · Z The premium outruns the operating measure beneath it; the gap wants an answer before the market asks the question. Operating Case Ahead of the Price Below-median multiple · above-median EBITDA margin 2 names MNTN · CRTO The operating case runs ahead of the price — the re-rating conversation lives in this cell. Priced for What It Is Below-median multiple · below-median EBITDA margin 1 names Marchex, Inc. (MCHX) Priced as what it is today; ownership, structure and capital-allocation questions dominate.

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    03 · THE AGENDA

    The Moves Each Situation Supports

    Each of the four situations supports a different set of questions for an owner or acquirer to resolve.

    For each situation on the map, we frame the questions an owner or acquirer should be asking right now. This is our directional view grounded in the cohort data shown earlier, not investment advice. So the value here is in matching your own position to the right question, not the right answer.

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    03 · THE AGENDA The Moves Each Situation Supports NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Advertising and Marketing Technology Coverage | September 2026 | Confidential Sources & methodology 11 Defend and Extend Premium names protect the franchise the multiple already prices. What changes the answer: Two quarters of decelerating growth. Prove the Re-Rating Discounted growers close the gap with evidence, not narrative. What changes the answer: Growth sustained above the covered median. Fix the Economics Below-median margins are the controllable lever. What changes the answer: Margin trajectory crossing the cohort median. Test the Market Where public credit is absent, the deal tape is the second opinion. What changes the answer: A comparable transaction printing above the public median.

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    SECTION 04

    04

    Divider introducing section 04: what has actually transacted in the sector.

    Now we turn from how the public market prices the sector to what has actually changed hands.

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    SECTION 04 04 THE DEAL TAPE What Has Actually Transacted 04 of 06 Advertising and Marketing Technology Coverage | September 2026 | Confidential Sources & methodology 12

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    04 · DEAL CASE STUDIES

    The Deals That Set the Market's Reference Points

    Three case studies drawn from the recorded transaction tape illustrate the reference points buyers and sellers have used.

    We've selected three deals from the recorded transaction tape as case studies, with multiples on LTM financials at announcement where disclosed. These deal multiples sit on a different basis than the CY2027E public multiples elsewhere in this report, so we don't claim a spread between them. The full tape behind these case studies is in the appendix. So these deals are reference points for negotiation, not a direct read-across to public pricing.

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    04 · DEAL CASE STUDIES The Deals That Set the Market's Reference Points 3 of 70 recorded transactions, told as case studies · multiples on LTM financials at announcement where disclosed · the complete tape is in the appendix · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. 72 tape record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 50 recorded transactions with neither a disclosed value nor a multiple are omitted from the tape and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Advertising and Marketing Technology Coverage | September 2026 | Confidential Sources & methodology 13 Aug-2026 $1.5B MMS USA Holdings, Inc. MMS USA Holdings, Inc. acquires LiveRamp Holdings, Inc. EV / LTM revenue 1.8x EV / LTM EBITDA 8.3x WHY THE DEAL HAPPENED MMS USA Holdings, Inc. moved for LiveRamp Holdings, Inc. in Aug-2026; the tape records it as announced. HOW THE TARGET WAS VALUED The filing records $1.5B of enterprise value, struck at 8.3x LTM EBITDA, the benchmark buyers in this segment start from. May-2026 $2.5B Publicis Groupe S.A. Publicis Groupe S.A. acquires LiveRamp Holdings, Inc. EV / LTM revenue 3.0x EV / LTM EBITDA 13.9x WHY THE DEAL HAPPENED Publicis Groupe S.A. moved for LiveRamp Holdings, Inc. in May-2026; the tape records it as announced. HOW THE TARGET WAS VALUED The filing records $2.5B of enterprise value, struck at 13.9x LTM EBITDA, the benchmark buyers in this segment start from. Nov-2025 $1.5B Adobe Inc. Adobe Inc. acquires Semrush Holdings, Inc. EV / LTM revenue 3.4x EV / LTM EBITDA 29.0x WHY THE DEAL HAPPENED Adobe Inc. moved for Semrush Holdings, Inc. in Nov-2025; the tape records it as announced. HOW THE TARGET WAS VALUED The filing records $1.5B of enterprise value, struck at 29.0x LTM EBITDA, the benchmark buyers in this segment start from.

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    SECTION 05

    05

    Divider introducing section 05: the agenda from here for owners, operators and acquirers.

    Finally, we translate everything so far into the agenda for the next twelve months.

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    SECTION 05 05 STRATEGIC IMPLICATIONS The Agenda from Here 05 of 06 Advertising and Marketing Technology Coverage | September 2026 | Confidential Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    What This Means for Owners, Operators and Acquirers

    Strategic implications for owners, operators and acquirers drawn from the tiering, drivers and deal evidence.

    For owners, the tier you sit in — not the sector label — should frame any valuation conversation. For operators, the drivers page points to the operating metric that separates the tiers. For acquirers, the gap between public tiers and the deal tape is itself the negotiation. So this page turns the data into the specific questions each audience should be resolving now.

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    05 · STRATEGIC IMPLICATIONS What This Means for Owners, Operators and Acquirers NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Advertising and Marketing Technology Coverage | September 2026 | Confidential Sources & methodology 15 FOR OWNERS Know Which Tier You Are Priced In The tier, not the sector, frames the valuation conversation. The appendix shows exactly where each name sits. FOR OPERATORS Move the Lever the Market Pays For The drivers page shows which operating metric separates the tiers in this sector. FOR ACQUIRERS Price Against the Right Reference Public tiers and the deal tape give different answers; the gap between them is the negotiation.

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    SECTION 06

    06

    Divider introducing the appendix: the full universe, methodology and sources.

    The appendix that follows carries the full comparable universe, the complete deal tape, and the methodology behind every figure in this report.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Advertising and Marketing Technology Coverage | September 2026 | Confidential Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier

    The full comparables table groups all rated and unrated companies by valuation tier on EV/Revenue.

    This table lists the six rated companies against the sector median, plus the seven names without an eligible EV/Revenue multiple. Tickers link back to the underlying source for anyone who wants to verify a figure directly. So this is the complete record behind every multiple quoted earlier in the report.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/Revenue above the sector median (2.0x); amber marks below · 6 rated companies; 7 not rated (no eligible EV/Revenue) · tickers link to the underlying source · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. All 6 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Advertising and Marketing Technology Coverage | September 2026 | Confidential Sources & methodology 17 Company Ticker Segment EV EV/Revenue (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥2.6x · median 3.5x · 2 companies OUT OUT Adjacent: digital out-of-home media owner $9.1B 4.4x 3% 29% 32 TTD TTD Open-web performance advertising networks $7.0B 2.7x -4% 31% 26 CORE — 1.0x–2.6x · median 2.0x · 2 companies Z Z Owned-and-operated marketplace media $7.5B 2.2x 13% 28% 42 MNTN MNTN Email, SMS and lifecycle martech $727M 1.7x 18% 30% 49 DISCOUNT — <1.0x · median 0.7x · 2 companies Marchex, Inc. MCHX Open-web performance advertising networks $51M 0.7x 30% 15% 45 CRTO CRTO Open-web performance advertising networks $715M 0.7x 2% 33% 35

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    The Full Deal Tape, Newest First

    The first page of the full deal tape lists recorded transactions newest first, with multiples where disclosed.

    This page opens the full recorded transaction tape, newest first, with deal values linking to the underlying filing. A subset of records carry data-quality flags, and transactions without a disclosed value or multiple are held in the companion workbook instead. So this is the primary source for anyone building their own precedent analysis.

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) The Full Deal Tape, Newest First 70 recorded transactions in this tier · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. 72 tape record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 50 recorded transactions with neither a disclosed value nor a multiple are omitted from the tape and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 70 transactions shown; the rest are in the companion workbook. Advertising and Marketing Technology Coverage | September 2026 | Confidential Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2026 MMS USA Holdings, Inc. → LiveRamp Holdings, Inc. $1.5B 1.8x 8.3x MMS USA Holdings, Inc. paid $1.5B at 1.8x LTM revenue. May-2026 Publicis Groupe S.A. → LiveRamp Holdings, Inc. $2.5B 3.0x 13.9x Publicis Groupe S.A. paid $2.5B at 3.0x LTM revenue. May-2026 Viant Technology Inc. → TVision Insights Inc. $22M n/a n/a Viant Technology Inc. paid $22M. Mar-2026 Kaltura, Inc. → PathFactory Holdings ULC $22M n/a n/a Kaltura, Inc. paid $22M. Feb-2026 Yelp Inc. → Hatchify Inc. $270M n/a n/a Yelp Inc. paid $270M. Jan-2026 PAR Technology Corporation → Cardlytics, Inc. $30M n/a n/a PAR Technology Corporation paid $30M. Nov-2025 Adobe Inc. → Semrush Holdings, Inc. $1.5B 3.4x 29.0x Adobe Inc. paid $1.5B at 3.4x LTM revenue. Nov-2025 n/a → Sprout Social, Inc. n/a 1.3x n/a n/a paid n/a at 1.3x LTM revenue. Nov-2025 Marchex, Inc. → Archenia, Inc. $10M 0.6x n/a Marchex, Inc. paid $10M at 0.6x LTM revenue.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    The Full Deal Tape, Newest First

    The second page of the full deal tape continues the recorded transaction list.

    This page continues the recorded transaction tape on the same basis as the previous page. Together the two pages show the transactions with disclosed values or multiples; the remainder sit in the companion workbook. So the tape here is the sourced record behind the deal-based reference points used throughout the report.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2) The Full Deal Tape, Newest First 70 recorded transactions in this tier · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. 72 tape record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 50 recorded transactions with neither a disclosed value nor a multiple are omitted from the tape and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 70 transactions shown; the rest are in the companion workbook. Advertising and Marketing Technology Coverage | September 2026 | Confidential Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Nov-2025 Life360, Inc. → Nativo, Inc. $120M n/a n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Sep-2025 Rategain Technologies → Sojern n/a 1.5x n/a Value shown as recorded in the filing; deal value unit unresolved. Aug-2025 Datavault AI Inc. → API Media Innovations Inc. $14M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Aug-2025 Michael Walrath → Yext, Inc. $1.2B 2.6x 12.7x Value shown as recorded in the filing; status defaulted announced. May-2025 Perion Network Ltd. → Greenbids $65M n/a n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. May-2025 VTEX → Newtail Serviços de Tecnologia LTDA $4M n/a n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Feb-2025 DoubleVerify Holdings, Inc. → Rockerbox $85M n/a n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Oct-2024 Zeta Global Holdings Corp. → LiveIntent, Inc. $250M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Jul-2024 Advantage Solutions Inc. → business (unit of Jun Group) $185M n/a n/a Value shown as recorded in the filing; deal value unit unresolved, divestiture roles reassigned, status defaulted announced.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Methodology page explaining sources, assumptions and data-quality treatment behind the report.

    This page sets out exactly how the report was built — the sources, the assumptions, and what was excluded and why. So any figure in this deck can be traced back to its basis.

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    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-15 Typeface note: NeuraCap brand face is Kallisto Medium; this build renders in a standard sans (Arial) and should be reviewed in the brand face before external distribution. Advertising and Marketing Technology Coverage | September 2026 | Confidential 20 VALUATION BASIS Primary valuation basis: EV / Revenue on CY2027E consensus (6 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (6 of 13 companies), so this report follows it. EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Advertising and Marketing Technology and it clears the coverage gate with 12 of 13 companies (92%). EV / Revenue, P / E are carried as a cross-check. DATA QUALITY & EXCLUSIONS 13 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 647 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (646) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Data Has a View. The Next Step Is a Conversation.

    NeuraCap AI — Advertising and Marketing Technology Coverage

    Closing page pointing to NeuraCap's Advertising and Marketing Technology coverage and companion tables.

    The data in this report has a clear view on where value sits in Advertising and Marketing Technology. The companion tables carry the full universe and source index for any figure a client wants to trace. So the natural next step is a conversation about where your own position sits on this map.

    Everything on this page

    The Data Has a View. The Next Step Is a Conversation. NeuraCap AI — Advertising and Marketing Technology Coverage September 2026 · Prepared by NeuraCap AI · Confidential Advertising and Marketing Technology Coverage | September 2026 | Confidential Sources & methodology 21

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