{"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/6a516b15d2dde6b09a02d735?\" frameBorder=\"0\" width=\"700\" height=\"250\"></iframe>","title":"E75: Vista Wants Criteo Private: A POV on PE's AdTech Land Grab","thumbnail_width":200,"thumbnail_height":200,"thumbnail_url":"https://open-images.acast.com/shows/651b0df875e52b001192e36d/1783720679821-75b20e7c-c722-4736-980c-9133c9f4ac62.jpeg?height=200","description":"<p>Private equity just bid to take Criteo private at a 50%+ premium and two of the sharpest voices in commerce &amp; media read the exact same filings and reached opposite conclusions. </p><p><br></p><p>Ayelet Shipley and Christian Hassold break down Vista Equity Partners' (with hedge fund Quinti Capital) proposed take-private of Criteo (Nasdaq: CRTO): the \"melting ice cube\" bear case vs. Ken Kubec's \"Footnote Trade\" bull case (reported retail-media revenue down 32% vs. ~24% underlying growth once you strip out an accounting change and two client roll-offs), why a business throwing off ~$400M in profit was trading around 2x EBITDA, the Luxembourg \"re-domicile escape hatch,\" and whether Vista's playbook gives Criteo product oxygen or runs off its 900 engineers.</p><p><br></p><p>Plus the market update on AI marketing-tech venture rounds (geoSurge, Vendelux), and two quick deal hits with very different structures: Descartes x Drivin and Banzai x ConnectAndSell.</p><p><br></p><p>⏱️ Chapters</p><p> 00:00 — Intro: Market &amp; Deals Friday</p><p> 00:49 — Market Update: VC keeps funding AI marketing tech (geoSurge, Vendelux)</p><p> 03:06 — Feature: Vista + Quinti bid to take Criteo private — the facts</p><p> 05:55 — The Operator's Read (Christian): toll road, or mispriced commerce-media asset?</p><p> 11:32 — The Deal Architect's Read (Ayelet): incentives &amp; the Luxembourg escape hatch</p><p> 15:50 — Quick Hits: Descartes/Drivin &amp; Banzai/ConnectAndSell</p><p> 19:40 — Wrap</p><p><br></p><p>Reads referenced: </p><p>Chris Sheldon: https://www.linkedin.com/posts/chris-j-sheldon_criteos-retail-media-growth-fell-from-23-share-7480304433730441216-MyKw</p><p>Ken Kubec: https://www.linkedin.com/posts/kenkubec_privateequity-adtech-retailmedia-ugcPost-7480605776760307713-dbqi</p><p><br></p><p>🔔  Subscribe for Market &amp; Deals Friday — the strategic read on lower-middle-market M&amp;A in commerce &amp; media.</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><p><br></p><p>Disclaimer: analysis and commentary only, not investment advice. </p><p>The Vista/Quinti offer is as reported; Criteo has not announced a decision.</p>","author_name":"Christian Hassold & Ayelet Shipley"}