My guest on this episode of the podcast is Terence Kawaja, the CEO and founder of LUMA Partners, a boutique investment bank focusing on the digital media sector. Terry is a high-profile advisor for transactions in the marketing and advertising spaces, and LUMA Partners publishes the infamous LUMAscapes market maps for those ecosystems.

The topics of our discussion include:

Terry's general perspective on the digital advertising fundraising and M&A environment at the start of 2025;
Why 2024 was so slow regarding digital advertising fundraising and M&A;
Whether AdTech M&A follows the general business cycle;
Whether the social media platforms are acquisitive;
How the changing composition of the FTC impacts the outlook for ad tech M&A;
Which companies might be underestimated as buyers of AdTech;
Whether the widespread adoption of AI tools within the digital advertising space is an accelerant for M&A;
Whether the current digital media environment is closely comparable to any historical point in time.

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Season 5, Episode 9: AdTech M&A and the business cycle (with Terence Kawaja)

Mobile Dev Memo Podcast