Marin's megabucks float signals Wall Street ad tech splurge - who's next?

By Brendan Coyne | 15 April 2013

Wall Street is working up a healthy appetite for advertising technology firms. Marin Software's initial public offering last month coughed USD$105million into its coffers. It was 22 times over subscribed. Not bad work.

That cash will be set aside for product development, expansion and possibly, acquisitions, Roland Irwin, general manager for Marin Australia told AdNews. The firm is now hiring here. It is also restructuring its internal operations with the departure of ANZ MD Nick Gill, who has not yet disclosed his new role. For the future, Irwin said he saw "nothing but growth" in Australia.

Across ad tech, investors seem to be of the same opinion. Venture capitalists are setting money aside and working out which start-ups to back, and the broader market is working out who is next to float.

So who's next?

Adap.TV has been doing the rounds on the rumour mill for some time. Local MD Phil Duffield didn't give much away, but word continues to be that it is pre-IPOing ahead of a float.

Citeo could be next, according to one staffer at another ad tech firm with Australian offices. He said that Kenshoo might be considering a float, but that it might be too early for Turn, despite the firm hiring a CFO last week. Another source told AdNews that AppNexus could be next off the block.

Those names have been mooted by commentators in the States. This article lists a few tech firms and asks readers to rate which was more likely to float first. It's interesting to note that while mooted by industry insiders as a potential floater, Marin didn't get many votes. Rubicon did, as did AppNexus. Does that mean anything? Time will tell.

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