Performance marketing continues to be a hot area for investment and M&A as clients increasingly demand measurable, ROI-driven advertising. The demand for scalable, data-led solutions has driven a 20% rise in deal volume and a 196% increase in median deal size over the past decade (Source: WY Partners M&A tracker, PitchBook.)

WY Partners has advised on several notable deals in the space, including Croud’s acquisition of data analytics firm Metageni to strengthen its data-driven offering, and the sale of gaming specialist agency Miri Growth to MSQ Partners both reflecting growing demand for digital-first, performance-driven businesses.

For those less familiar with the concept, performance marketing is a data-driven form of digital advertising where brands pay only for measurable results, like clicks or sales. For example, a LinkedIn ad charges only when someone clicks through. Its appeal lies in accountability – advertisers can monitor performance in real-time, adjust campaigns on the fly, and scale based on what performs.

Market trends

Three key themes are shaping the landscape:

• AI integration – Machine learning algorithms now drive much of the bid optimisation and predictive analytics used in campaigns, helping advertisers make faster, smarter budget decisions to improve efficiency and results.
• Privacy-first marketing – The phasing out of third-party cookies has made privacy adaption critical. In response, companies are investing heavily in server-side tracking and zero-party data strategies. These approaches allow brands to maintain personalised marketing experiences while staying compliant with evolving data regulations, preserving both performance and consumer trust.
• Channel diversification – Marketers are diversifying their channel mix. Instead of relying solely on Google and Facebook, they are increasingly activating on platforms like TikTok, LinkedIn, and connected TV (CTV). This broader reach supports more advanced, cross-channel attribution – important for effective performance marketing strategies.

Notable deals

One of the largest performance marketing deals in Q1 2025 involved the sale of PE-house LDC’s portfolio company Blis to T-Mobile, in a deal that valued the business at $175m. Blis is a provider of privacy-centric advertising solutions with omni-channel targeting capabilities to connect brands with audiences.

Croud’s acquisition of data analytics firm Metageni (WY advised), highlights the increasing focus on data-driven performance. The deal enhances Croud’s ability to deliver predictive analytics and first-party data activation, strengthening its position as a leading player in performance marketing.

Publicis Groupe acquired Captiv8, an AI-powered influencer platform, for around $150m to expand its capabilities in creator-led, performance-driven content. Meanwhile, DoubleVerify acquired attribution startup Rockerbox for $85m to strengthen multi-channel measurement.

In the PE space, Croud themselves took a new investment from ECI Partners as LDC exited after five years as a minority investor.

Adtech platform MNTN, a leader in performance-based CTV advertising, went public in early 2025 with a valuation of $1.62bn. MNTN’s performance marketing proposition focuses on driving measurable outcomes through CTV placements, offering advertisers granular reporting on conversions rather than just impressions or views.

As acquirers and investors increasingly prioritise scalable, data-rich, and outcome-focused businesses, these deals show how performance marketing is reshaping the digital advertising landscape, and why it’s become a hot area for M&A activity.

Future outlook

Looking ahead, we expect continued M&A activity in performance-led agencies and technologies, driven by demand for scalable, accountable marketing solutions. Businesses with strengths in AI-powered optimisation, privacy-first data strategies, and cross-channel execution, particularly those offering advanced analytics, conversion rate optimisation, and first-party data infrastructure, are likely to remain high on the radar of both strategic acquirers and PE investors.  

If you have any questions on this article or would like to chat about your upcoming M&A plans, please get in touch at hello@wypartners.com.