{"version":"1.0","type":"rich","provider_name":"Acast","provider_url":"https://acast.com","height":250,"width":700,"html":"<iframe src=\"https://embed.acast.com/$/651b0df875e52b001192e36d/69eb80ef07ecece42ac3ae03?\" frameBorder=\"0\" width=\"700\" height=\"250\"></iframe>","title":"E57: Deal Review: Amex x Hyper, Viant x TVision, The Real Story Behind \"Declining\" Ad Tech M&A","thumbnail_width":200,"thumbnail_height":200,"thumbnail_url":"https://open-images.acast.com/shows/651b0df875e52b001192e36d/1777041226456-8f9d95c1-fc39-4ace-b657-2f084fa04773.jpeg?height=200","description":"<p>Headlines say ad tech M&amp;A is down. We read the actual report. The story is more nuanced — and the two deals we're covering this week prove the lower middle market is still moving fast.</p><p><br></p><p>Christian and Ayelet are back for Deal Review Friday with a market data deep dive and two deals that just closed — a partner-first aqui-hire by Amex that's been in the works since 2024, and the final piece of a three-part sequenced build by Viant that's been two years in the making.</p><p>Two deals. One market correction. Still under 20 minutes.</p><p><br></p><p>⏱️ TIMESTAMPS</p><p>0:00 — Happy Friday, conference circuit recap (Jaggly Leonis + Own It Women's Summit)</p><p>1:00 — Market insight: Luma Partners says ad tech M&amp;A is down. Are they right?</p><p>2:30 — Breaking down the data: sub-$100M vs. $100M+ deal activity by category</p><p>3:45 — Ad tech, martech, digital content — what's actually moving and what's not</p><p>5:00 — The sub-$50M thesis: where Christian and Ayelet think the real action is</p><p>6:10 — Deal #1: Amex acquires Hyper (HyperCard) — agentic AI expense management</p><p>7:17 — The Hyper investor roster: Sam Altman, former MasterCard CEO, Netflix co-founder</p><p>8:00 — How this fits Amex's expense management platform launch later this year</p><p>9:00 — Center (2025) gave them the workflow. Hyper gives them the AI agent layer.</p><p>9:45 — Amex's direct play on Concur, Ramp, and Brex</p><p>10:10 — Was this an acqui-hire? Christian's take on the deal structure</p><p>10:44 — Deal #2: Viant acquires TVision Insights for $40M</p><p>12:00 — The trifecta: Iris TV (content) + Locker (identity) + TVision (attention)</p><p>13:18 — The data exclusivity question — and why this deal is different from Iris TV</p><p>13:58 — Props to Eric Stearns, Viant Head of Corp Dev — first deal in seat</p><p>14:22 — Deal economics: 4x revenue, $22.5M cash, clean balance sheet</p><p>15:36 — TVision raised at $80M valuation, sold for $40M — the cap table math</p><p>16:00 — Wrap + episode drops: Ep. 56 (AI Agents) and Scott Wingo episode incoming</p><p><br></p><p>🔔 Subscribe — we're going live every Friday</p><p>💬 Drop deals you want us to cover in the comments</p><p><br></p><p>Connect with Christian and Ayelet</p><p>Ayelet’s LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/</p><p>Christian's LinkedIn: https://www.linkedin.com/in/hassold/</p><p>Web: https://www.inorganicpodcast.co</p>","author_name":"Christian Hassold & Ayelet Shipley"}