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Group Makes $350 Million Investment in DoubleVerify

DoubleVeirfy
(Image credit: DoubleVerify)

DoubleVerify said that a group led by Tiger Global Management has made a $350 million investment in the digital media measurement company.

Fidelity Management & Research Co. and funds managed and advised by BlackRock and Neuberger Berman Investment Advisors also participated in the new funding.

Providence Equity Partners, which invested in DoubleVerify in 2017, remains the majority investor.

DoubleVerify said the new funds will be used to purchase shares from existing shareholders. Some will be used to support growth of the company’s business as it moves into media performance optimization and connected TV analytics.

“The support of these high caliber investors speaks to DoubleVerify’s momentum, including new customer growth, product innovation and global expansion,” said DoubleVerify CEO Mark Zagorski.

“We look forward to partnering with Mark and the entire DoubleVerify management team as the Company continues the growth of its business globally,” said John Curtius, Partner at Tiger Global.

DoubleVerify expects the new investment round to close in the fourth quarter of 2020. Earlier this month, the Company also refinanced its credit facility and entered into a new $150 million revolving credit facility. 

“The DoubleVerify team has consistently executed across all levels of the business,” added Davis Noell, senior managing director at Providence and chairman of the board at DoubleVerify. “We welcome the investment by Tiger and these other premier investment firms, and we are excited to continue to support the Company.”