The FPC Podcast Episode 23: ATS London / MadTechMoney 2025, joined by Rachel Smith CEO of ExchangeWire
Sep 4, 2025
In this engaging discussion, Rachel Smith, CEO of ExchangeWire, dives into the evolving landscape of European ad tech, focusing on recent mergers and acquisitions. She highlights the importance of first-party data and diversity among acquirers in the industry. The conversation further explores the merger of the Mad Tech Money event with ATS London, emphasizing networking and collaboration. Rachel also addresses financial challenges faced by smaller firms and the need for informed investment conversations to enhance understanding and foster growth in ad tech.
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Surprising Danish Exit For Digiseg
- Digiseg, a Danish location/household data business, was acquired by an unexpected Norwegian tech/IT buyer after courting interest for ~18 months.
- Rachel Smith and Kieran O'Kane described the deal as a pleasant surprise that rewarded a profitable, well-run team.
Europe’s Mid‑Market Exit Sweet Spot
- European ad tech has seen strong M&A with many mid-market exits in the $20–150m sweet spot this year.
- Kieran O'Kane and Kevin Flood say fast-moving privacy and tech shifts create many acquisitive trade/PE opportunities for profitable niche companies.
A Diverse Pool Of Acquirers
- Buyer types in recent deals are diverse: telcos, public adtech, private equity and non-adtech IT buyers are all acquiring ad tech capabilities.
- That diversity gives founders multiple exit playbooks beyond the classic strategic acquirer route.