Inorganic Podcast

Christian Hassold & Ayelet Shipley
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Ayelet Shipley and Christian Hassold host the Inorganic Podcast. Ayelet and Christian have combined 20 years of experience helping venture and private equity sponsors execute mergers and acquisitions in SaaS and digital agencies in the U.S. and Europe. On this podcast, Ayelet and Christian discuss M&A strategy, sourcing tactics, and other dynamics around mergers and acquisitions. They also report on market activity, emphasizing larger companies buying smaller SaaS or agencies and discussing the rationale behind the deals and economics. We sometimes invite guests to join our discussion, building on our mission to make the art and science of M&A more transparent for buyers, sellers, and financial sponsors. Interested in sponsoring the show? Contact ⁠Marketecture Media.⁠ Hosted on Acast. See acast.com/privacy for more information.

  1. 4d ago

    E82: 18 People, No Software, $20M: Inside Acast's Backyard Deal

    18 people in Austin. No software. No institutional backers. Just a phone full of relationships and the sales rights to a couple hundred podcasters. This month, a public company in Sweden paid $20M for exactly that, and we have all the numbers. Christian and Ayelet break down Acast's acquisition of Backyard Ventures, with founder context from Chris Erwin of RockWater stitched throughout, and then take opposite sides of the table: did a 100%-owning, fast-growing bootstrapped founder cash out early on a rocket ship, or read the market perfectly? Plus two AI funding rounds that bracket where the money is going, and two quick-hit deals, including a WPP PR deal that marks their first M&A of 2026 and a commerce deal our own team was on. What we cover: → Two venture rounds at opposite ends of the AI era: Gravity ($38M to put ads inside AI assistants) and Edgify ($9M to stop self-checkout theft at the edge) → The Acast/Backyard deal by the numbers: $20M EV, $16M cash + $4M deferred stock, $16.1M revenue, ~$1.9M EBITDA, a 10.4x multiple → What Acast is really buying: US brand-marketer relationships, an exclusive 200+ creator roster (The Daily Stoic, Piers Morgan, Cal Newport, Mark Manson), and true omni-channel reach → Why this is the second time in eight weeks a European buyer crossed the Atlantic for a creator/podcast agency (after Mar4 Media / Ad Results Media) → Founder context from Chris Erwin: Matt Cisneros's sales background, the bootstrapped content-agnostic model, and commission-only economics with no retainers → The operator's read: strategic value, a full-but-fair price for a people business, the deferred-stock retention handcuff, and why Acast's open-ecosystem reputation lowers PMI risk → The deal architect's read: why a 100%-owner growing 65% sells at 10x, and whether he cashed out early or timed the market perfectly → Why podcast agencies are underappreciated, and how this deal helps set a market comp → Quick hits: WPP Burson acquires Limbic (their first "M&A of 2026"), and Chief Media acquires AMZ Advisors + its stake in Reach Social (a DealCon-built deal our team was on) The takeaway: in an AI world, the scarce, hard-to-recreate asset is the human relationship, and that's exactly what got bought here. ⏱️ TIMESTAMPS 0:00 — Cold open: the business a spreadsheet would tell you not to buy 0:46 — Welcome + what's on this week's Market and Deals 1:39 — Market update: two AI-era venture rounds 1:48 — Gravity raises $38M to put ads inside AI assistants 2:48 — Edgify raises $9M to stop self-checkout theft at the edge 4:13 — Feature deal: Acast buys Backyard Ventures ($20M EV) 5:01 — What Acast is actually buying: the roster and the reach 5:35 — The pattern: the second European cross-Atlantic creator deal in 8 weeks 5:53 — Founder context from Chris Erwin: Matt Cisneros's background and the bootstrapped model 7:47 — The operator's read: strategic value (US relationships + roster + YouTube) 8:40 — Deal price: 10.4x EBITDA and the retention handcuff 9:56 — Comms strategy: a clean US-flag tuck-in, Backyard brand retired, team stays 10:21 — PMI risk: Acast's open-ecosystem reputation and the exclusivity question 11:47 — Sponsor: Sifted Pro 12:23 — The deal architect's read: the founder's perspective, data and feelings 13:30 — Did he cash out early or time the market? The premium question 14:32 — Why podcasting values humans where they matter and tech where it matters 15:14 — The counterpoint: why a 100%-owner growing 65% sells at 10x 16:00 — Why podcast/audio is underappreciated, and how this sets a comp 16:43 — Quick hit: WPP Burson acquires Limbic (their first "M&A of 2026") 17:51 — Quick hit: Chief Media acquires AMZ Advisors + stake in Reach Social 19:12 — The DealCon backstory: relationships that built a chain of deals 20:23 — Programming note: summer schedule, and more deals on the Substack 20:58 — Wrap 🎙️ Part of the Marketecture Media Network | Sponsored by Sifted Pro (sifted.eu/inorganic) 🔔 Subscribe for weekly M&A coverage on In/Organic Connect with Christian and Ayelet Ayelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/ Christian's LinkedIn: https://www.linkedin.com/in/hassold/ Web: https://www.inorganicpodcast.co

    E82: 18 People, No Software, $20M: Inside Acast's Backyard Deal

  2. Aug 26

    E81: The Star Quality Thesis and Our Favorite Q2 Deals

    The summer of 500 deals continues, but this isn't an "M&A is back" story. It's a bifurcated recovery, where a handful of standout assets are having a completely different quarter than the middle of the market. In this half-year review, Christian and Ayelet skip the dry stats read and get into the nitty-gritty: what H1 2026 actually looked like, where the premium is really going, and their favorite (and least favorite) deals of Q2. Christian leads a fast market update, Ayelet unveils her "star quality thesis" on what commands a premium now, and they close with the deals that mattered. What we cover: → The market update: ~335 deals in Q2, ad tech public stocks up ~30%, and why it's a "bifurcated recovery" → Current valuation ranges by category: marketing services (~8.87x EBITDA median), scaled ad tech (~4.9x revenue), digital media/martech (~2.2x EV), and commerce software (2x to 16.9x ARR) → Why the revenue-multiple spread shows money still leaning hard toward tech-led businesses → Why 70% of Q2 deals were strategic-led, and how record-long PE hold periods (~32,500 companies waiting to exit) are shaping the market → Ayelet's "star quality thesis": why scale and measurable results are now table stakes, and the risk factor that actually makes a business the "it girl" → Why you need a clear, account-level value-creation thesis signed at LOI, and the discipline to stick to it instead of going "all cowboy" → Favorite deal: Mar4 Media / Ad Results Media, and why a 25-year audio specialist is a textbook star-quality asset → Least favorite deal: Publicis / LiveRamp, and the neutrality problem that could complicate the very thing they're buying (and who benefits, ID5, Rockad) → Christian's pick: Nth Degree / Invent (with Shamrock), and why the market underrated a "asset-heavy" experiential business that clients keep coming back to → Why podcast agencies may be an underappreciated value buy (and deserve their own episode) The headline: M&A isn't back, it's gotten selective. In an AI world, the "it factor" and the trusted relationship are the scarce things, and that's where the premium is going. ⏱️ TIMESTAMPS 0:12 — Cold open: the summer of 500 deals and a bifurcated recovery 0:59 — Welcome + a milestone: 3,000 YouTube subscribers 2:16 — Shout-out to Scott Wingo, our first foundational Substack subscriber 3:07 — Why this episode is different: not a stats read, not an "M&A is back" take 4:00 — The three-part plan: market update, where the premium's going, favorite/least favorite deals 4:26 — Market update: ~335 Q2 deals and a bifurcated recovery 5:10 — The bid-ask spread, AI disruption risk, and raising debt in the upper market 5:47 — Why the lower middle market is seeing its highest volume in two years 6:08 — Valuations by category: marketing services, ad tech, digital media/martech, commerce software 7:15 — Shopify as the public commerce comp (~9x NTM revenue) 7:51 — The revenue-multiple spread: why money leans toward tech-led businesses 8:53 — Lower market vs. middle market: what a "lower market deal" actually is 9:55 — Why strategics are leading (70% of deals) and PE's record-long hold periods 11:04 — The commerce corner: PayPal/Symbio and other smaller comps 11:40 — Pre-2022 SaaS stuck in "AI zombie mode" 12:10 — Ayelet's POV: the "star quality thesis" on where the premium is going 13:43 — Is star quality just creators and influencers? The sorority recruitment analogy 15:03 — Why the risk factor is often what makes a business the star 16:05 — The LOI "dark cloud," and why you need an account-level value-creation thesis 17:49 — Sticking to the thesis vs. going "all cowboy" 18:05 — Sponsor: Sifted Pro 18:59 — Favorite deal: Mar4 Media acquires Ad Results Media 21:01 — The structure: Shamrock keeps a minority stake, CEO stays on 22:08 — Why podcast agencies are an underappreciated category 22:59 — Least favorite deal: Publicis / LiveRamp and the neutrality problem 24:27 — Who benefits from the migration (ID5, Rockad), and Publicis's defense 26:26 — Christian's favorite: Nth Degree acquires Invent (with Shamrock) 27:52 — Why buyers underrated an "asset-heavy" experiential business 29:03 — Wrap: it's not "M&A is back," it's selective, and that's where the premium is 🎙️ Part of the Marketecture Media Network | Sponsored by Sifted Pro (sifted.eu/inorganic) 🔔 Subscribe for weekly M&A coverage on In/Organic Connect with Christian and Ayelet Ayelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/ Christian's LinkedIn: https://www.linkedin.com/in/hassold/ Web: https://www.inorganicpodcast.co

    E81: The Star Quality Thesis and Our Favorite Q2 Deals

  3. Aug 14

    E80: The Mentor Now Works for the Student: Inside Klaviyo's $17M AI Acqui-Hire | In/Organic

    In 2010, Elias Torres hired a Harvard kid named Andrew Bialecki as one of his first engineers and taught him how startups work. Sixteen years later, the student is the boss, and just bought his mentor's AI company. In this solo episode (Ayelet's out sick, but back next week), Christian breaks down Klaviyo's acquisition of Agency AI: a ~$17M asset deal that says as much about the current AI acqui-hire market as it does about a Boston reunion. Torres, a two-time founder with exits to HubSpot (Performable) and Vista (Drift, $1.2B), now reports to the founder he once mentored as Klaviyo's new Chief Product Officer. Christian runs his four-part operator's read on the deal, strategic value, deal price, comms strategy, and post-merger integration risk, and lands on a non-obvious PMI risk that has nothing to do with retention and everything to do with how Klaviyo actually operates internally. What we cover: → The market update: two venture rounds worth watching (Paper, the Figma challenger for the agentic era, and Dimension, the "Seller OS" replacing TikTok Shop's native seller center), and why they thread into Whatnot's $545M raise and the convergence of social, creator, and live commerce → The full backstory on the Torres/Bialecki relationship and why this is a trade between very familiar parties → Why a ~$17M asset deal on a company that raised $32M is textbook AI acqui-hire economics, cheap for Klaviyo, decent PR for investors, likely a haircut on return → Whether B2B customer-success agents graft cleanly onto a primarily B2C e-commerce platform, and the bet against Decagon and Sierra → The smart comms play of announcing alongside a Q2 beat (revenue up 26% to $370.6M) while the stock sits at a 52-week low → The real PMI risk Christian sees: not retention, but Klaviyo's internal "left hand / right hand" coordination culture, and whether the pond is big enough for a founder who wanted to build a billion-dollar company → Why Klaviyo still hasn't hired a corp dev leader, and whether this deal changes that Plus two deals of the week: AMZ Advisors acquiring Reach Social Commerce (a TikTok Shop cross-sell play straight out of the Podean playbook) and Vusion acquiring In-Store Media (a European retail media network deal that ties into the in-store advertising wave). If you missed Episode 79 with Ayelet on the persistent valuation gaps showing up in lower-market deals (tied to recent AdWeek data), go back and give it a listen. ⏱️ TIMESTAMPS 1:12 — Market update: two venture rounds in commerce and agency 1:26 — Paper, the Figma challenger for the agentic era ($34M round) 1:53 — Dimension, the "Seller OS" for TikTok Shop 2:24 — Threading it to Whatnot's $545M raise: where commerce is going 3:38 — The feature deal: Klaviyo is back to M&A (and still no corp dev leader) 4:38 — Why a $17M asset deal tells you about the AI agent market 5:29 — What Agency AI actually built (and the acqui-hire framing) 6:50 — The deal structure, buried in the 10-Q 7:16 — The tell: Agency raised $32M, so investors likely took a haircut 7:46 — The new roles: Torres as CPO, Ed Hallen as Chief Strategy Officer 8:09 — Torres' resume: Performable (HubSpot) and Drift ($1.2B to Vista) 9:46 — Operator's read #1: strategic value and the bet vs. Decagon and Sierra 10:01 — Operator's read #2: deal price and ~$680K/head acqui-hire economics 11:08 — Operator's read #3: comms strategy and the Q2 beat 11:47 — Operator's read #4: the real PMI risk (it's not retention) 13:00 — Verdict: a great value and a smart way to punctuate an AI strategy 13:16 — Deal of the week #1: AMZ Advisors acquires Reach Social Commerce 14:28 — Deal of the week #2: Vusion acquires In-Store Media 15:42 — Wrap, more deals on the Substack, and a nod to Episode 79 with Ayelet 🎙️ Part of the Marketecture Media Network | Sponsored by Sifted Pro (sifted.eu/inorganic) 🔔 Subscribe for weekly M&A coverage on In/Organic Connect with Christian and Ayelet Ayelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/ Christian's LinkedIn: https://www.linkedin.com/in/hassold/ Web: https://www.inorganicpodcast.co

    E80: The Mentor Now Works for the Student: Inside Klaviyo's $17M AI Acqui-Hire | In/Organic

  4. Aug 7

    E79: The #1 Problem I See Killing M&A Deals in 2026

    The 2026 M&A Sentiment Survey from ADWEEK x Evros Group names the valuation expectation gap as the top friction point in M&A right now. Ayelet's read: that gap is the symptom, and the real #1 problem killing deals is misalignment- the gap between what buyers and sellers want and think versus the reality. In this solo episode, she breaks down the four rungs of the ladder where misalignment shows up, from the market to the business to the partners to the individual, and brings in three real deals from her own seat that validate it: the deal that closed but shouldn't have, the $10 million deal where the number never moved but the structure did, and the exit where the highest cash offer lost. Plus, why creativity in a deal isn't discounting, and why the moment you're unwilling to walk away, you've already lost your leverage. What we cover: Why valuation expectation gaps are a symptom and misalignment is the real problem, the four rungs of the ladder, the ADWEEK x Evros Group 2026 M&A Sentiment Survey and how to read incentives in market reports, the Tel Aviv cab negotiation that explains the whole market, the buy-side acquisition that ignored its own decision gates and what it cost post-close, closing a $10 million valuation gap by restructuring the consideration instead of moving the number, why the highest cash offer lost a three-partner exit, and why willingness to walk away is your leverage. Timestamps:  0:00 — In/Organic intro 0:38 — Welcome & the #1 problem in dealmaking right now: misalignment 1:08 — The four-rung ladder begins: the market & the 2021 valuation anchor 2:10 — The business rung: what a seller wants vs. what diligence finds 2:55 — The partners rung: equal equity, different outcomes 4:10 — The individual rung: selling as an identity shift 5:25 — The ADWEEK x Evros Group 2026 M&A Sentiment Survey & reading incentives (including her own) 7:20 — The headline finding: the valuation expectation gap is a symptom, not the problem 7:55 — The Tel Aviv cab ride: "the price is the price" 9:35 — Sponsor: Sifted Pro 10:10 — Deal #1: the acquisition that closed but shouldn't have 12:11 — Diligence red flags pile up 13:00 — The investment committee agrees; Ayelet says walk 14:05 — Post-close fallout: unhappy customers, broken trust, wasted time 15:20 — The buyer's lesson: unwilling to walk means you've already lost 16:02 — Deal #2: the $10M deal where the number never moved 16:50 — The restructure: a seller note & the 80% revenue floor 18:00 — Creativity isn't discounting 18:30 — Deal #3: three equal partners & the higher cash offer that lost 19:36 — Closing the rungs: how deals get closed & closed well 20:15 — Structure the deal, structure the company & the final rule on walking away 🎙️ Now part of the Marketecture Media Network | Sponsored by Sifted Pro (sifted.eu) 🔔 Subscribe for weekly M&A coverage on In/Organic Connect with Christian and Ayelet Ayelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/ Christian's LinkedIn: https://www.linkedin.com/in/hassold/ Web: https://www.inorganicpodcast.co

    E79: The #1 Problem I See Killing M&A Deals in 2026

  5. Jul 31

    E78: The Acquisition Gap: Turning Operators Into Acquirers

    There are tens of thousands of agencies and SaaS companies ripe for acquisition, or ready to become acquirers. The biggest problem for founders and CEOs isn't desire. It's knowing where to start, and where to find the money to do it. Recorded live in Miami, Christian and Ayelet step away from the weekly deal coverage to tackle the question they hear constantly: I want to buy or sell through M&A, but how do I actually begin? The conversation centers on DealCon, the M&A conference they just attended, which Ayelet discloses upfront was founded by her father, Tom Shipley. What started as a 20-person intensive in an Austin office three and a half years ago is now a 160-person, personally vetted community of active buyers and sellers. This one is essential listening for any founder or CEO who's stuck, whether you run a $1-5M EBITDA agency or a $3-5M ARR SaaS company that's plateaued, and you're wondering if there's an alternative path to growth. There is. It's called inorganic growth, and most founders don't even know it's an option. ⏱️ TIMESTAMPS 00:00 Introduction  2:20 The Genesis and Purpose of DealCon 6:53 Target Audience and Business Requirements 12:32 Conference Demographics and Attendee Types 16:59 Real-World Success Stories and Examples 19:31 Practical Conference Content and Capital Access 22:43 Integration Focus and Post-Acquisition Strategy 25:06 Advisory Board Program and Advanced Support 27:37 Legal and Market Expertise Challenges 30:15 Ideal and Non-Ideal Conference Attendees 34:19 Quality Control and Conference Logistics 37:00 Conference Details and Closing Information Whether or not DealCon is right for you, the goal of this episode is simple: to show that ground-level, human, one-to-one guidance on starting your M&A journey exists. This is one option among several, and Christian and Ayelet walk through exactly what makes it work. The next DealCon is October 19-21 in Austin. If you're interested, we’ve arranged a 10% discount on passes for our listeners. Learn more here https://www.dealconlive.com/inorganic 🎙️ Now part of the Marketecture Media Network | Sponsored by Sifted Pro (sifted.eu) 🔔 Subscribe for weekly M&A coverage on In/Organic Connect with Christian and Ayelet Ayelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/ Christian's LinkedIn: https://www.linkedin.com/in/hassold/ Web: https://www.inorganicpodcast.co

    E78: The Acquisition Gap: Turning Operators Into Acquirers

  6. Jul 26

    E77: Inside the Billion Dollar Salsify Deal: Where Was SAP?

    Salsify is being acquired by European private equity firm Sinven in an all-cash deal reportedly worth around $1 billion, marking one of the biggest commerce software exits of the year. Christian and Ayelet break down why the deal matters far beyond the headline, from the return of private equity to commerce enablement to what this means for the next wave of M&A. They explore the strategic value of Salsify, why SAP missed a major opportunity, how community became one of the company's greatest assets, and why this acquisition could ignite consolidation across the commerce technology landscape. Plus, quick takes on Tracksuit's AI acquisition and Neon's $13M funding round to challenge the app store model. What we cover: Salsify's reported $1B acquisition by Sinven, why European private equity is entering commerce software, the company's journey from startup to category leader, why SAP passed on a strategic acquisition, how community became a competitive moat, post-merger integration risks, what the deal signals for commerce M&A, and two additional deals involving Tracksuit and Neon. ⏱️ TIMESTAMPS 0:24 — Big week for In Organic, Marketecture partnership & birthday wishes 1:12 — In Organic officially joins the Marketecture Media Network 2:01 — Introducing Sifted Pro as the show's first sponsor 2:39 — Headline: Salsify acquired by Sinven in a ~$1B deal 3:19 — What Salsify does and why it matters in commerce 4:18 — Deal value, valuation haircut & employee equity implications 5:28 — Christian's personal connection to Salsify's founding story 7:06 — The culture that built Salsify's success 8:32 — Why the Digital Shelf Institute community is a strategic asset 9:53 — Operator's read: Why Sinven is a major new commerce investor 12:36 — Was the acquisition price actually a success? 14:28 — Why SAP should have bought Salsify 18:30 — Post-merger integration risks and employee retention 21:36 — Deal architect's view: Partnership vs. takeover 22:21 — The value and risk of community in acquisitions 24:41 — What this deal means for future commerce M&A 25:25 — Deal hit: Tracksuit acquires Hall for AI brand visibility 26:14 — Deal hit: Neon raises $13M to challenge app store fees 26:46 — Preview of next week's M&A sentiment report 🎙️ Now part of the Marketecture Media Network | In/organic is Sponsored by Sifted Pro (check them out at sifted.eu) 🔔 Subscribe for weekly M&A coverage on In/Organic Connect with Christian and Ayelet Ayelet's LinkedIn:   / ayelet-shipley-b16330149   Christian's LinkedIn:   / hassold   Web: https://www.inorganicpodcast.co

    E77: Inside the Billion Dollar Salsify Deal: Where Was SAP?

  7. Jul 17

    E76: We Got the Criteo Deal Wrong: Here's the $2.9B Deal I'd Actually Do

    Last week Christian called Vista's rumored bid for Criteo "cheap" and left it at a throwaway line: three to four times.. what? A few people texted him afterward and said he could have done better; he agreed. So this week, solo from an undisclosed location while Ayelet celebrates her 30th in LA, Christian goes deep. A full side-by-side of Criteo and LiveRamp, a walkthrough of why the multiple gap between them makes almost no sense on the financials, and a concrete bull case: pay $58 a share, a 200%+ premium, then run an M&A play to build the agentic commerce OS for brands and retail. The thesis isn't buy it cheap. It's buy it decisively. What we cover: Who actually leaked the Vista story (and why Criteo's repeated phantom-deal leaks are a comms problem), the Criteo vs. LiveRamp side-by-side on revenue growth, revenue mix, EBITDA, and free cash flow, why LiveRamp's 107% net retention is at real risk once Publicis owns it, why Criteo's transactional model might be the safer bet in an agentic era where subscription pricing is under fire, the AI option value nobody's pricing in, and three specific M&A targets that would fix Criteo's biggest gap: no Amazon, no Walmart. Plus two deals worth flagging: Podean's fifth acquisition (Social Commerce Club) and Brunner buying AdSkate. ⏱️ TIMESTAMPS 0:26 — Solo episode, life changes, and happy 30th to Ayelet 0:50 — Why we're revisiting Criteo/Vista: "you really could have done better" 1:30 — The backstory: Bloomberg, Reuters, and a 50% premium at ~$3.7B implied 2:00 — Who leaked it? Why back channels point at Criteo, not Vista 2:30 — Criteo's leak engine: Microsoft, Walmart, Skai — deals that never materialized 3:00 — The headline thesis: pay 2.5x revenue ex-TAC, then run an M&A play 4:00 — Side-by-side setup: Criteo vs. LiveRamp 4:30 — Revenue growth: LiveRamp at 9%, Criteo at 1% (and why that's misleading) 5:15 — Growth quality: the Roundel and Uber Eats churn, and 16% underlying retail media growth 5:45 — Why LiveRamp's 107% net retention is at risk under Publicis ownership 6:30 — Revenue type: true SaaS vs. transactional media economics 7:00 — Why subscription models are under fire in the agentic era 7:45 — EBITDA: Criteo at $407M vs. LiveRamp at $185M, at a quarter of the multiple 8:30 — Free cash flow: both are cash compounders with clean balance sheets 9:15 — Strategic buyers pay up, financial buyers don't — but Vista usually pays 10-20x 9:45 — The AI option value nobody's pricing: OpenAI's ChatGPT ads pilot, 2x AI-referred conversions 10:30 — The real asset: 4,100 brands, 225 retail media networks, $1B in quarterly activated spend 11:15 — The bull case: $58/share, $2.9B equity value, a 203% premium 12:00 — Why no board can responsibly ignore an offer like this 12:30 — M&A target #1: Skai — solves Amazon and Walmart, and they already know each other 13:30 — M&A target #2: Pacvue (Advent) — Amazon, Walmart, Instacart muscle (and the Helium 10 problem) 14:15 — Why The Trade Desk's April integrations create urgency 14:45 — M&A target #3: digital shelf analytics — and the Profitero/Publicis precedent 16:00 — The Christian math, summarized 17:00 — Deal hit: Podean acquires Social Commerce Club (deal #5) 17:45 — Deal hit: Brunner acquires AdScape — creative intelligence as an AI play 18:30 — Why more deals are moving to our Substack, and what's coming next 🔔 Subscribe for weekly M&A coverage on In/Organic Connect with Christian and Ayelet Ayelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/ Christian's LinkedIn: https://www.linkedin.com/in/hassold/ Web: https://www.inorganicpodcast.co Hosted on Acast. See acast.com/privacy for more information.

    E76: We Got the Criteo Deal Wrong: Here's the $2.9B Deal I'd Actually Do

  8. Jul 10

    E75: Vista Wants Criteo Private: A POV on PE's AdTech Land Grab

    Private equity just bid to take Criteo private at a 50%+ premium and two of the sharpest voices in commerce & media read the exact same filings and reached opposite conclusions. 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. 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. ⏱️ Chapters 00:00 — Intro: Market & Deals Friday 00:49 — Market Update: VC keeps funding AI marketing tech (geoSurge, Vendelux) 03:06 — Feature: Vista + Quinti bid to take Criteo private — the facts 05:55 — The Operator's Read (Christian): toll road, or mispriced commerce-media asset? 11:32 — The Deal Architect's Read (Ayelet): incentives & the Luxembourg escape hatch 15:50 — Quick Hits: Descartes/Drivin & Banzai/ConnectAndSell 19:40 — Wrap Reads referenced: Chris Sheldon: https://www.linkedin.com/posts/chris-j-sheldon_criteos-retail-media-growth-fell-from-23-share-7480304433730441216-MyKw Ken Kubec: https://www.linkedin.com/posts/kenkubec_privateequity-adtech-retailmedia-ugcPost-7480605776760307713-dbqi 🔔 Subscribe for Market & Deals Friday — the strategic read on lower-middle-market M&A in commerce & media. Connect with Christian and Ayelet Ayelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/ Christian's LinkedIn: https://www.linkedin.com/in/hassold/ Web: https://www.inorganicpodcast.co Disclaimer: analysis and commentary only, not investment advice. The Vista/Quinti offer is as reported; Criteo has not announced a decision. Hosted on Acast. See acast.com/privacy for more information.

    E75: Vista Wants Criteo Private: A POV on PE's AdTech Land Grab
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Ratings & Reviews

5
out of 5
7 Ratings

About

Ayelet Shipley and Christian Hassold host the Inorganic Podcast. Ayelet and Christian have combined 20 years of experience helping venture and private equity sponsors execute mergers and acquisitions in SaaS and digital agencies in the U.S. and Europe. On this podcast, Ayelet and Christian discuss M&A strategy, sourcing tactics, and other dynamics around mergers and acquisitions. They also report on market activity, emphasizing larger companies buying smaller SaaS or agencies and discussing the rationale behind the deals and economics. We sometimes invite guests to join our discussion, building on our mission to make the art and science of M&A more transparent for buyers, sellers, and financial sponsors. Interested in sponsoring the show? Contact ⁠Marketecture Media.⁠ Hosted on Acast. See acast.com/privacy for more information.

Information

  • Creator
    Christian Hassold & Ayelet Shipley
  • Years Active
    2023 - 2026
  • Episodes
    86
  • Rating
    Explicit
  • Copyright
    © Inorganic Podcast
  • Show Website
    Inorganic Podcast

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