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  "documentTitle": "DoubleVerify Holdings, Inc. (DV)",
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  "notes": "Uses Wayback Machine screenshots to contrast '800+ clients' with '200+ large global brands'.",
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      "kind": "callout",
      "text": "DV Discussing OpenSlate: 'OpenSlate has won the trust of the leading agency holding companies and over 200 large global brands...'",
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      "text": "Spruce Point believes DV overpaid for OpenSlate in Nov 2021 by paying $125 million in cash and $25 million in stock. Evidence points to OpenSlate having peaked in growth. Founded in 2012, by 2019 OpenSlate had attracted a minority investment and strategic partnership from advertising rating company Nielsen, rumored to value it at more than $100 million.(1) However, Spruce Point finds evidence that OpenSlate lost clients. It earlier claimed “more than 800 clients” but changed its reference to “200+ large global brands”. Based on the midpoint revenue estimate, DV paid approximately 9.1x revenues for a business that appears to have peaked and had lower margins than DV.(2)",
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      "text": "(1) “Nielsen Takes Minority Stake in Brand-Safety Firm OpenSlate”, Sept 6, 2019, WSJ\n(2) DV forecasted $15 - $18m of revenue contribution and during its 2022 Analyst Day said that OpenSlate had lower margins than its own.",
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