Private equity firm Novacap acquires TV adtech company Cadent

The deal is valued at around $600 million, according to a source.Canadian private equity firm Novacap has acquired the US TV adtech platform Cadent, the pair said Wednesday.

As well as working with advertisers and all the major ad holding companies, its clients also include media owners who use Cadent to manage and optimize their advertising inventory and create audience segments through its partnerships with data marketplaces. Advertisers are estimated to grow their spending on connected-TV in the US by 21.2% this year to reach $25.09 billion, according to Insider Intelligence. US broadcast and cable TV ad spending is expected to drop by 8% this year, but will still be significant at $61.3 billion, per Insider Intelligence's forecast.

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