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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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      "kind": "callout",
      "text": "Spruce Point believes it is a major red flag that DV recently omitted its long-standing Total Addressable Market (“TAM”) claims of $20 billion by 2025 with less than 50% penetration. Even worse, DV has greatly reduced its “Company Data Analysis” sources that were used at its IPO to back-up these figures. These alarming revisions were made while DV’s largest sponsor Providence Equity registered to dump 12.5 million shares.",
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      "text": "Spruce Point believes it is a major red flag that DV recently omitted its long-standing Total Addressable Market (\"TAM\") claims of $20 billion by 2025 with less than 50% penetration.",
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      "text": "We are a leader in a large, fast-growing and underpenetrated market with significant tailwinds. Based on the Company Data Analysis, we estimate that the total addressable market for our core solutions was approximately $13 billion globally in 2020 and was less than 25% penetrated and is expected to grow to approximately $20 billion by 2025 with less than 50% penetration. — DoubleVerify Prospectus Sept 22, 2020",
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      "text": "Source: DV S-1 Prospectus and 2022 10-K and March 2023 Prospectus",
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      "text": "Comparison of Prospectus (Sept 22, 2020) vs Recent Annual Report (March 2023) regarding TAM claims and data sources.",
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