Advertising and Marketing Technology Bi-Weekly Industry Events & M&A Update — September 11–25, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › ADVERTISING AND MARKETING TECHNOLOGY

The Sector Sells off While Buyers Reach for Specialised Supply

This update covers what moved, what companies announced, and what changed in M&A across advertising and marketing technology from September 11–25, 2026.

September 11–25, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-25 · events and transactions from the two-week period 2026-09-11 → 2026-09-25

Advertising and Marketing Technology Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice

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The analyst’s walkthrough of the deck, page by page.

1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › ADVERTISING AND MARKETING TECHNOLOGY

   Cover page introducing the September 11–25, 2026 bi-weekly update on advertising and marketing technology industry events and M&A.

   This bi-weekly update covers what changed, who moved and why, what transacted, and what it means for advertising and marketing technology from September 11–25, 2026. We start with the market moves and end with the implications for operators, acquirers and advisors.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › ADVERTISING AND MARKETING TECHNOLOGY The Sector Sells off While Buyers Reach for Specialised Supply This update covers what moved, what companies announced, and what changed in M&A across advertising and marketing technology from September 11–25, 2026. September 11–25, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-25 · events and transactions from the two-week period 2026-09-11 → 2026-09-25 Advertising and Marketing Technology Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Broad Weakness, with the Gains Going to Position in the Supply Path

   Summarizes the two-week period across 13 covered names, market moves, and M&A activity.

   Across the 13 names we track, the period showed broad weakness with the median move at -1.9%, well behind the S&P 500's +1.0%. The gains concentrated in names positioned in the supply path, a pattern we read as investors rewarding curated inventory over commoditized reach. M&A activity restarted with one agreement for specialised supply rather than scale, echoing that same theme. So the period argues for reading dispersion, not sector beta, when calibrating exposure to advertising and marketing technology names.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Broad Weakness, with the Gains Going to Position in the Supply Path The two-week period in one page · 13 covered names, close-to-close · September 11–25, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Advertising and Marketing Technology Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 2 1 10 of 13 Covered Names Fell; The Median Move Was -1.9% The S&P 500 returned +1.0% over the same two-week period. PubMatic, Inc. (PUBM) led the covered set at +12.5%; Zillow Group, Inc. Class C (Z) was weakest at -13.4%. 2 Supply-Side Names Were the Exception to the Drawdown PubMatic's strongest day came on Sep 24 at +6.3%, and a Sep 17 report described supply-side names running higher after the unsealed antitrust remedies opinion covering ad auctions. The move appears to reflect that shift in how auctions may be routed. 3 M&A Restarted with a Buyer Paying for Specialised Supply Taboola.com Ltd. (TBLA) announced an agreement on Sep 18 to acquire Dianomi, a finance-focused premium ad network. No transactions priced in the window; the trailing record of 40 precedent transactions carries a median of 8.6x EV/EBITDA. 4 The Period Fits NeuraCap's Standing Tiering Rather than Challenging It Our sector study puts the CY2027E EV/EBITDA median at 6.6x, with the Premium tier at 12.4x and the Discount tier at 3.8x. A Premium-tier name led the gainers, while two Discount-tier names sat among the larger decliners. +12.5% Best mover — PubMatic, Inc. (PUBM) worst: Z -13.4% · 3 up / 10 down of 13 covered -1.9% Sector median two-week return vs S&P 500 +1.0% 1 Transaction agreed in the two-week period from company announcements; not yet in the precedent record 1 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   Who Held Ground: Curated Supply Gained, Overhangs Cost

   Details individual stock price moves for the covered set over the two-week window, with attribution to filings and news where recorded.

   PubMatic, Inc. (PUBM) led the covered set at +12.5%, while Zillow Group, Inc. Class C (Z) was the weakest performer at -13.4%. The sector median move was -1.9% against a materiality bar of ±5.3%, so most of the moves we highlight cleared that bar. We link each move only to filings and headlines recorded in the window, and where no driver is recorded, we say so plainly. That discipline lets a reader separate what is evidenced from what is merely coincident timing.

   Everything on this page

   PUBLIC MARKET MOVERS Who Held Ground: Curated Supply Gained, Overhangs Cost Bi-Weekly moves, close-to-close · September 11–25, 2026 · sector median -1.9% · S&P 500 +1.0% · materiality bar ±5.3% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Advertising and Marketing Technology Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -1.9% Zillow Group, Inc. Class C (Z) -13.4% Zillow Group, Inc. Class C (Z) fell -13.4%, worst day Sep 23 at -7.4%. Its own Sep 24 release reported engaged home shoppers up 21% year over year while affordability headwinds weigh on sales Marketplace models carry their end market's cycle even when audience engagement is rising. COMPANY-SPECIFIC PubMatic, Inc. (PUBM) +12.5% PubMatic, Inc. (PUBM) rose +12.5%, with its strongest day on Sep 24 at +6.3%. Shares moved following a Sep 17 report that supply-side names were running higher after the unsealed antitrust remedies opinion covering ad auctions. Position in the supply path, not size, decided who gained when auction rules came into view. SECTOR-WIDE The Trade Desk, Inc. (TTD) -11.9% The Trade Desk, Inc. (TTD) fell -11.9%, with its weakest day on Sep 22 at -5.0%. Ownership flows can weigh on a Core-tier name even as it adds measurement capability. COMPANY-SPECIFIC Taboola.com Ltd. (TBLA) -9.2% Taboola.com Ltd. (TBLA) fell -9.2%, worst day Sep 23 at -5.0%. The move came alongside a run of securities class action notices dated Sep 15 and Sep 16 citing an October 20 lead plaintiff deadline Claims about publisher and advertiser metrics are now a live input into how a name is valued. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   What Companies Actually Did: Distribution, Orchestration and a Pay Reset

   Walks through the highest-impact company actions in the period, spanning distribution, orchestration and pay-related announcements.

   This page steps through the two-week period's highest-impact events, each linked to its underlying filing or article. The 'why it matters' lines are our reads of the recorded evidence, built on a fixed source hierarchy that favors SEC filings and press releases over secondary coverage. We deliberately exclude video and social platforms as sources to keep the evidentiary bar consistent. That discipline is what lets a reader separate a real catalyst from a headline that will not move the sector.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS What Companies Actually Did: Distribution, Orchestration and a Pay Reset The two-week period's highest-impact events · titles link to the underlying filing or article · September 11–25, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Advertising and Marketing Technology Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 16 · NEWS · Business Wire Criteo signs a reseller partnership with Tyroo Technologies to extend its regional reach Criteo S.A. (CRTO) is adding advertiser demand through a partner's sales base rather than building local headcount. That is a direct lever on commerce media coverage without a step-up in cost structure. Reseller distribution is a cheaper route to new demand than opening owned sales offices. Sep 16 · NEWS · GlobeNewsWire Magnite expands its Orchestration layer with omnichannel capability and third-party integrations Magnite, Inc. (MGNI) is positioning as the coordination point between media owners, buyers and technology partners. Coordination and curation are the defensible parts of the supply path as it shortens. Sep 16 · NEWS · Newsfile Corp Taboola is named in a securities class action with an October 20 lead plaintiff deadline The complaint concerns publisher relationship valuations and advertiser success representations. Disclosure of how spend and publisher economics are described is now a diligence-grade issue, not a communications one. How a platform characterises advertiser outcomes carries legal as well as commercial weight. Sep 16 · NEWS · Newsfile Corp Taboola draws a further class action notice tied to the same October 20 filing deadline Repeat notices from separate firms extend the period in which the claim sits over Taboola.com Ltd. (TBLA). Overhangs of this kind tend to sit alongside operating news rather than replace it. Litigation timelines can shape a name's trading window independently of its operating record. Sep 16 · NEWS · GlobeNewsWire Another firm reminds Taboola investors of the October 20 lead plaintiff deadline The volume of notices over a single mid-September stretch put Taboola.com Ltd. (TBLA) at the centre of the period's headline flow. It arrived in the same window as the company's own acquisition announcement. Buyers reading this sector are weighing disclosure risk next to platform capability. Sep 15 · 8-K · SEC EDGAR The Trade Desk grants its CEO an option that vests only on seven share-price targets The Board set an exercise price of $14.97 with targets running from $18 to $105 per share. The structure signals where the board frames the company's value path over a multi-year horizon. Pay structures tied to share-price steps tell you how boards read their own recovery path.

5. 05
   M&A & STRATEGIC ACTIVITY

   Taboola Agrees to Buy Dianomi, Adding a Premium Finance Ad Network

   Covers Taboola's agreed acquisition of Dianomi, a finance-focused premium ad network, in the context of 40 precedent transactions.

   Taboola.com Ltd. (TBLA) agreed on Sep 18 to acquire Dianomi, adding a finance-focused premium ad network to its distribution. Against a trailing record of 40 precedent transactions, the median multiple sits at 8.6x EV/LTM EBITDA, giving this deal a clear reference point. No transactions priced in the window, so this agreement is the period's single data point on where buyers are placing value. It reinforces a pattern we see across the period: acquirers are paying for specialised supply, not scale.

   Everything on this page

   M&A & STRATEGIC ACTIVITY Taboola Agrees to Buy Dianomi, Adding a Premium Finance Ad Network September 11–25, 2026 · 1 agreed by company announcement · precedent transactions: 40 recorded deals · median 8.6x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Advertising and Marketing Technology Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 5 AGREED IN THE PERIOD — FROM COMPANY ANNOUNCEMENTS Sep 18 · Taboola.com Ltd. (TBLA) Taboola.com Ltd. (TBLA) agreed on Sep 18 to acquire Dianomi, a premium finance-focused ad network A Discount-tier name is buying specialised finance supply rather than general open-web inventory, with the announcement pointing to its Realize performance platform as the route to advertiser demand. Terms and multiples enter the precedent record once the filing is processed; the reference set alongside is unchanged. 40 Recorded precedent transactions the reference set buyers and sellers price against 8.6x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What the Period Changes for Operators, Acquirers and Advisors

   Translates the period's market moves and M&A activity into implications for operators, acquirers and advisors.

   For owners and operators, mix and take rate explained the dispersion this period: curated supply and owned demand held up while the broader set of 13 names fell at a median of -1.9%. For acquirers, the reference set now includes a specialised-supply comparable, with the Dianomi agreement as the only signed deal in the window. For advisors, the period's evidence points toward leading with supply-path position and disclosure quality, since supply-side names moved higher after the unsealed antitrust remedies opinion while other names faced separate pressures. Together these threads suggest positioning, not sector-wide exposure, is the operative lens right now.

   Everything on this page

   WHAT IT MEANS What the Period Changes for Operators, Acquirers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Advertising and Marketing Technology Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-25 EV / EBITDA (CY2027E) median 6.6x 15 companies in the study 3 valuation tiers Standing thesis: Advertising and marketing technology is four businesses; campaign and audience suites sit at the top of the range. FOR OWNERS & OPERATORS Mix and Take Rate Explained the Dispersion Companies with curated supply or owned demand traded better than the broad set over the two-week period: 10 of 13 covered names fell and the median move was -1.9%, while a Premium-tier supply-side name returned +12.5%. FOR ACQUIRERS The Reference Set Gains a Specialised-Supply Comparable One agreement was announced in the window, for a finance-focused premium ad network, and nothing priced. FOR ADVISORS Lead with Supply-Path Position and Disclosure Quality The period's evidence is a divergence: supply-side names moved higher after the unsealed auction remedies opinion, while litigation notices and ownership flows weighed on others.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains how the update is built and what each type of statement in the deck is based on.

   Every figure in this update traces back to a recorded source — SEC filings, company press releases, or established news outlets — so nothing here rests on an unlinked claim. We rank sources in a fixed order of reliability and exclude video and social platforms entirely, which keeps the evidentiary bar consistent across the period. Attribution language throughout is calibrated: we distinguish a recorded driver from an unexplained move rather than assuming a cause. That transparency is what lets a reader weigh our reads against the underlying record directly.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 11–25, 2026 · market data through 2026-09-25 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Advertising and Marketing Technology Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 2 names below the floor were excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260925T150242Z_651_prod (market data as of 2026-09-25) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: businesswire.com · globenewswire.com · newsfilecorp.com · sec.gov · prnewswire.com

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