Digital ad software company Viant Technology Inc. is looking to wrap up the year with a hefty earnings boost, after posting strong third-quarter results and adding a new unit to its offerings.
“For the second consecutive quarter, advertiser spending on our platform hit a new record, fueled by unprecedented CTV (connected TV) spending,” said CEO Tim Vanderhook on Nov. 12.
The company also completed the acquisition of IRIS.TV, which enables advertisers to “target and measure video campaigns using content-level contextual, emotional and brand-suitability data,” according to Viant.
The acquisition will accelerate the mission of IRIS to expand its CTV content identification at scale across premium publishers, while providing Viant with more advanced CTV targeting and measurement capabilities.
Viant’s business — known as programmatic advertising — helps marketers and their agencies buy ads anywhere electronically.
For the fourth quarter of this year, Viant expects adjusted EBITDA — a key profit measure — in the range of $16 million to $17 million, for an approximately 27% increase at the midpoint year-over-year. The company also expects a fourth-quarter revenue boost of about 30% at the midpoint.
The company had a market cap of $1.2 billion as of Nov. 21.
