A unified, privacy-first ad-tech platform with surging margins and M&A-powered DSP expansion—priced like a distressed levered roll-up until deleveraging proves the cash story.
Overview
Verve Group SE (VER.ST) is a scaled programmatic ad-tech platform headquartered in Stockholm with listings in Frankfurt (VRV) and Stockholm (VER). It has completed a major transformation from a legacy gaming roll-up (gamigo/MGI) into a pure-play programmatic media company connecting advertisers and publishers across mobile in-app, CTV, DOOH, and audio. The model spans both sides of the marketplace: an SSP historically representing ~85%–90% of revenue (publisher SDKs and yield optimization to auction inventory in real time) and a growing DSP enabling brands and agencies to plan, execute, and optimize campaigns. Revenue is primarily transactional/take-rate based, scaling with impressions and spend cleared through real-time bidding. Verve’s scale is meaningful—~940bn impressions per year across ~2.5bn connected devices—supported by 3,300+ clients and 1,000+ large software clients (> $100k annual gross revenue). Geographically it is concentrated in Tier-1 ad markets, especially North America (>80% exposure), which boosts market opportunity but increases macro and FX sensitivity. With the platform migration largely complete and demand-side capabilities strengthened through acquisitions, Verve is positioned to capture the ongoing shift of advertising budgets from linear channels to data-driven digital formats.