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  "documentTitle": "DoubleVerify Holdings, Inc. (DV)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-05-02 00:00:00",
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  "notes": "Uses a direct quote comparison to highlight a potential misrepresentation by the company.",
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      "text": "A Tegus research interview conducted in February 2021 (a few months before the April 2021 IPO) of a former sales executive at DoubleVerify said the market for verification services was very penetrated. Yet, the Company claimed in its IPO prospectus that its core solutions were less than 25% penetrated in 2020.",
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      "text": "A Tegus research interview conducted in February 2021 (a few months before the April 2021 IPO) of a former sales executive at DoubleVerify said the market for verification services was very penetrated. Yet, the Company claimed in its IPO prospectus that its core solutions were less than 25% penetrated in 2020.",
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      "kind": "quote",
      "text": "No, man. It's a great question. So in 2014, it was all Greenland... Penetrated, safe to say, 95% of them use some serious verification company... But when it comes to just picking up new clients that have no idea what verification with DV is, I would say those days are long gone.",
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      "kind": "quote",
      "text": "\"Based on the Company Data Analysis, the total addressable market for our core solutions was less than 25% penetrated in 2020?\" — DV Prospectus, p. 4; \"Penetrated, safe to say, 95% of them use some serious verification... it's very penetrated. Now it is not a lot of green. It's more winning over clients that may use IAS... But when it comes to just picking up new clients that have no idea what verification with DV is, I would say those days are long gone, at least clients that you want to work with, so to speak.\" — Former Sales Executive at DoubleVerify",
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      "text": "DoubleVerify Statement In IPO Prospectus On Penetration: Based on the Company Data Analysis, the total addressable market for our core solutions was less than 25% penetrated in 2020?",
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      "text": "Tegus Interview Question On Product Penetration: How penetrated are these products into the actual market? Are you mostly selling into accounts that are using IAS? Or is there still a lot of new adoption?",
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      "kind": "title",
      "text": "Former DV Employee Says Market Is Very Penetrated",
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