The advertising market continues to provide a strong backdrop for M&A. WPP Media now expects global advertising revenue to grow 8.9% in 2026 to $1.3 trillion, up from the 7.1% it forecast in December, as AIdriven investment offsets geopolitical headwinds; Alphabet, Meta, and Amazon now control 57.6% of the market outside China. Marketing services M&A remained active in Q3, even as global deal value fell 41% from Q2 on higher borrowing costs; year-to-date M&A is still up 28%. The quarter was defined by independents combining to build scale, holding companies consolidating and divesting, and private equity backing businesses with proven growth. Key M&A Trends 1. Indies Buying Indies: The Rise of the “Super-Independent”Independent agency M&A is intensifying as shops add capabilities and scale while more marketers look beyond the holding companies, Ad Age reports. Q3 deals included Bastion’s merger with BUNTIN, Drake Cooper’s acquisition of Gigasavvy, Meet The People’s addition of The LOOMIS Agency, and The Variable’s purchase of Carson+Doyle. 2. Holding Companies Consolidate and DivestOmnicom has merged or sunset more than 20 agency brands since acquiring IPG, including DDB, FCB, and MullenLowe, and plans to divest non-core units with about $3.2 billion of revenue, including Gutenberg Networks’ July management…

How one dynamic agency picked the right partner to power its growth A Strong Business. An Ambitious Vision. The Right Partner for Growth. Intrinsic Digital is a fast-growing, technology-enabled digital marketing agency specializing in location-based marketing for the multifamily sector. Having built a profitable business with a scalable model, its leadership team had a clear ambition: build on that success and take the company substantially further. The goal wasn’t simply to complete a transaction. It was to find the right partner. One who shared management’s vision, respected the company’s culture and could support its next stage of growth. Where Evalla Made the Difference Intrinsic chose Evalla for our marketing-sector expertise, deep understanding of its business, and hands-on senior expertise at every stage of the transaction. We helped translate what made Intrinsic successful into a compelling investment story and led a competitive process that created meaningful alternatives for management. By evaluating both strategic and financial considerations—including transaction terms, growth opportunities, and cultural fit, we generated multiple compelling offers, helped the team assess its options, and ultimately identified the partner best aligned with its vision and priorities for the future. A Partnership Built for Growth Intrinsic partnered with Griffin’s Wharf Partners, with…

In 2025, the marketing and technology services M&A market was defined by high-impact consolidation and sharpening buyer priorities. The headline merger of Omnicom and IPG signals a new era of scale-driven competition, while strategic and private equity buyers continue to pursue focused acquisitions that enhance platform capabilities across performance, measurement, and vertical depth. Despite valuation pullbacks, activity remains healthy where integration value and operational leverage are clear. At the same time, deal selectivity is rising. Buyers are gravitating toward firms with embedded AI, cross-platform analytics, and recurring revenue — particularly in sectors like B2B, creator commerce, and MarTech. As economic pressures normalize and capital availability improves, the stage is set for disciplined but sustained momentum heading into 2026. Key M&A Trends 1. AI Investment Shifts from Creative Tools to Strategic Infrastructure:M&A interest continues to center on AI, but with greater emphasis on infrastructure and outcomes, not experimentation. Buyers prioritize agencies and platforms where generative and predictive AI power media planning, measurement, and workflow automation, enabling both creative scale and performance optimization. 2. Cross-Platform Measurement and Attribution Become Strategic Anchors:As global ad spend rises and digital formats multiply, buyers are targeting firms that solve measurement fragmentation, including cross-screen attribution and unified…

As Q2 2025 wraps, the marketing M&A environment is showing renewed signs of momentum—fueled by improved clarity around capital costs and a sharpening of buyer criteria. While interest rates and macro uncertainty continue to shape deal pacing, both strategic and private equity buyers are leaning into opportunities that offer defensible margins, automation, and clear market differentiation. Agencies that can pair creative fluency with measurable results—especially through data and tech—are drawing the most sustained attention. At the same time, tariff-driven cost dynamics are starting to influence acquisition priorities. Firms with domestic production capabilities, simplified supply chains, or tech-led efficiencies are increasingly favored as buyers seek to de-risk exposure and deliver value in a shifting cost environment. Key M&A Trends Shaping the Marketing Industry: 1. AI Consolidation Accelerates Across the Marketing Stack:After a year of experimentation, buyers are now acquiring AI capabilities that integrate directly into creative, media, and analytics workflows. Demand is high for agencies with proprietary AI tools or deep partnerships with leading models, as buyers look to protect margins and future-proof service lines. 2. First-Party Data Capabilities Drive Strategic Interest:The new 10% baseline import tariff — and 34% rate on Chinese goods — is already pressuring marketers reliant on hardware,…

Veersen Ghatge and Robert Pickering Bolster Leadership Team Evalla Advisors, an investment bank focused on the marketing and technology service industry, has named Veersen Ghatge as its new managing director and Robert Pickering as a senior operating advisor.   Ghatge has nearly 20 years of experience in investment banking and private equity, primarily focused on the marketing and technology services sector. His previous positions include managing director at Madison Alley, founder and partner at a private investment firm and multiple roles within the Technology, Media and Telecom group at Wells Fargo Securities. Ghatge has helped raise more than $10 billion in debt and equity financings for clients. He has also completed numerous M&A transactions. Most recently, he led the sale of Levelwing to Mindgruve and MSQ’s acquisition of SPCSHP, which he and Pickering led together. Pickering is an accomplished CEO and 30-year+ veteran of the digital marketing and technology industries. Earlier in his career, he was a partner at Arthur Andersen/Accenture and PriceWaterhouseCoopers. He then served as chairman and CEO of Origin, a technology services company, before serving as CEO and board advisor at LBi, the European digital marketing agency. The agency’s growth during his tenure led to an IPO…

At the May 2025 ANA Financial Management Meeting, Founder and Managing Partner of Evalla Advisors, Lori Murphree, provided an overview of the current mergers and acquisitions (M&A) landscape, with a specific focus on the marketing services sector. Her presentation explored how recent M&A activity has influenced the industry and will continue to do so in the future. Additionally, she addressed the advantages and challenges associated with consolidation, examining its potential impacts on agencies, clients, and employees. Download Please enable JavaScript in your browser to complete this form.Email * Submit

As Q1 2025 closes out, M&A activity in the marketing sector is gaining renewed momentum. With interest rates holding steady and the cost of capital stabilizing, both strategic and private equity buyers are re-entering the market — but with a sharper focus on capabilities that drive measurable, tech-enabled outcomes. AI-powered marketing, first-party data strategy, and performance-led creative continue to be among the most sought-after capabilities. New macro pressures, however, are shaping deal strategy in unexpected ways. The recently introduced U.S. tariffs, announced in April, are beginning to ripple across the marketing supply chain, from content production to media pricing. Buyers are becoming more surgical — focusing on firms with resilient models, domestic vendor networks, and the ability to support clients navigating this new cost environment. Key M&A Trends Shaping the Marketing Industry: 1. Strategics Return, Focused on Integration and Efficiency: Holding companies like Publicis and WPP are back in acquisition mode, but with tighter criteria. The focus is on data, content automation, and omnichannel delivery — enabling greater margin control and client stickiness in an environment where client budgets are being re-evaluated in light of tariff- driven cost increases. 2.  Tariffs Create Pricing Pressure and Strategic Realignment:  The new 10% baseline import…

Gnomon: Acquired by Groupe EDH For more than 25 years, Gnomon has stood as a pillar of excellence in digital-arts education, referred to as the ‘MIT of visual effects’ by Fast Company. Offering a robust range of educational opportunities, including a Bachelor of Arts degree, a two-year certificate program, and more than 100 specialized courses, Gnomon has consistently prepared students for success in the entertainment, gaming, and production, industries. With an impressive placement rate of 95%-100%, Gnomon alumni can be found at leading studios across the globe. Gnomon sought a partner to help propel its legacy into the next era. The Evalla team members conducted a deeply personalized and competitive process, working closely with Gnomon to identify what mattered most: preserving its independence, safeguarding its cultural values, and finding a partner capable of enhancing its reputation and opportunities for growth. Evalla targeted a carefully curated group of public and private institutions. After several meetings, discussion and negotiations with various parties, Evalla advised and Gnomon chose a For-Profit-French Institution, Groupe EDH, as the most ideal acquirer. Groupe EDH represented not just a financial match but a perfect strategic and cultural fit. Backed by Rothschild & Co’s Five Arrows Principal Investments, Groupe…

As we enter Q1 2025, the M&A landscape in the marketing industry has begun to pick up speed once again. Strategic shifts, such as the increased focus on digital transformation, the integration of creative and performance marketing, and the expansion of data-driven capabilities, are reshaping the industry. Companies are prioritizing solutions that blend creativity with measurable outcomes to meet evolving client demands. Holding companies and private equity firms are leveraging acquisitions to address operational gaps, scale their capabilities, and drive future growth. Emerging sectors like retail media networks and AI-powered marketing solutions are becoming focal points for investment, signaling where the industry is headed in 2025. This newsletter explores the key drivers of M&A activity, major transactions, and trends shaping the future of the marketing landscape. Key M&A Trends Shaping the Marketing Industry: Holding Companies Ramp Up Acquisitions: After years of focusing on integration, holding companies are beginning to become more active, acquiring firms to compete with consulting giants. Areas of focus include digital transformation, CRM, AI, and other technologies that deepen operational capabilities and deliver end-to-end solutions that will increase their competitiveness against the consulting companies. PE Investments Surge in Independent Agencies: PE-backed platform investments are on the rise,…