Dive summary: 

• The over-saturation of ad technology firms has created a fragmented and complex market; industry insiders predict most firms will fail or be bought out within the next year causing an industry wide consolidation. 
• Ad agencies, the main customers of the ad tech firms, agree with industry experts that the consolidation will be a good thing for the industry and that there is too much overlap with firms. 
• Most ad tech firms will likely sell at a price much under expectations; there will be a few firms who will not sell and still find success with an IPO, but that will be an exception, not the rule. 

From the article: 

“'If you go public now as an ad tech company, the statement is you’ve tried to sell the company unsuccessfully once, twice or three times,' Chanana said. 'It’s a last-ditch effort. The only time an IPO is a first resort is when you’re too big to be acquired.'"