DoubleVerify Is Said to Prepare IPO at $5 Billion Valuation

(Bloomberg) -- DoubleVerify Inc., a company that tracks digital media engagement, has selected banks ahead of an initial public offering that could come in the first half of 2021, according to people with knowledge of the matter.

The New York-based company is targeting raising at least $500 million in a listing that would value it at roughly $5 billion, said the people. Terms haven’t been finalized and could still change

Providence Equity Partners agreed to acquire a majority stake in the company in 2017, according to a statement at the time. Davis Noell, a senior Providence executive, is chairman of the company.

Representatives for DoubleVerify and Providence declined to comment.

DoubleVerify in July named Mark Zagorski as chief executive officer, filling a seat vacated by Wayne Gattinella in February. Zagorski was previously CEO of Telaria Inc., an advertising and marketing company.

DoubleVerify has about $225 million in outstanding debt, according to data compiled by Bloomberg.

People are increasingly turning to devices during the pandemic, with time spent on content consumption more than doubling to almost seven hours a day, DoubleVerify said in a report last month.

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