Novacap acquires adtech platform Cadent

Mid-market buyout firm Novacap has acquired Cadent, a provider of platform-based converged TV advertising solutions and one of the largest independent platforms for unified audience-targeting across connected television, traditional TV, and digital advertising. 

Financial terms of the transaction, which is the fourth investment under Novacap’s TMT VI Fund, have not been disclosed.

Cadent’s roster of customers includes global agency holding companies and media buying agencies, over 70 of the Ad Age Top 100 advertisers, and scaled global publishers and content distributors. Cadent Aperture Platform boasts nearly 300 partner connections in its ecosystem, and holds numerous technology patents for identity management, audience targeting, and advertising monetisation.

Evercore served as the lead financial advisor, Stifel served as co-advisor, and Weil, Gotshal & Manges LLP served as the legal advisor to Cadent and Lee Equity Partners.

RBC Capital Markets, TD Securities and Scotiabank acted as financial advisors and provided financing to Novacap and Baker Botts LLP acted as legal advisor to the firm.