Palo Alto – December 17, 2025 – Woodside Capital Partners (WCP) is pleased to release our November 2025 Digital Advertising Snapshot, authored by senior bankers Ryan Klinefelter, Ron Heller and by analyst Ted Celentino.
Author insights:
- Sub-2021 Valuation Levels: Public company valuations across ad tech, media, and commerce have not recovered to 2021 highs, despite the broader market (S&P 500) trading at ~31x trailing P/E .
- Google Reigns Supreme: Google is positioned to absorb the impact of two major DOJ antitrust remedies in advertising while extending its AI leadership. In digital advertising, Google remains the clearly dominant platform.
- IPOs in 2025: Of the ~335 IPOs in 2025, only five had substantial advertising-driven models. Investor and issuer appetite for new public digital advertising companies remains muted. Today, there are ~200 publicly traded companies globally with significant advertising exposure.
- Public Tech M&A: Lower public valuations, Google’s reinforced AI dominance in advertising, and limited IPO exit options have shifted growth and liquidity increasingly toward strategic M&A.
Get the snapshot here:
Woodside Capital Partners is a leading corporate finance advisory firm for tech companies in M&A and financings in the $30M –$500M enterprise value segment. The firm has worked with extraordinary entrepreneurs and investors since 2001, providing ultra-personalized service to its clients. Our team has global vision and reach, and has completed hundreds of successful engagements. We have deep industry knowledge and extensive domain and transaction experience in these and other sectors: Artificial Intelligence, CyberSecurity, HR Tech, Digital Advertising and Marketing, Autonomous Vehicles, ADAS, Computer Vision, Aerospace and Defense, CloudTech, Enterprise Software, IT Services, Information Security, FinTech, Internet of Things, Networking / Infrastructure, Robotics, Semiconductors, Quantum, Energy Storage, Digital Health & Virtual Care, Diagnostic, Medical Devices & Precision Medicine, Healthcare IT & Data Analytics Platforms, AI & Automation in Clinical Decision Support, Revenue Cycle Management & Financial Ops, Behavioral & Mental Health Tech, Value-Based Care & Preventive/Wellness Platforms, Healthcare Infrastructure & Cybersecurity. Woodside Capital Partners is a specialist in cross-border transactions, and has extensive relationships among venture capitalists, private equity investors, and corporate executives from Global 1000 companies. More about Woodside Capital Partners here.
Questions? Contact Ryan Klinefelter, Executive Director, Woodside Capital Partners at ryan.klinefelter@woodsidecap.com.