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Here are 1-2 brief analogies for Viant Technology:

• Viant Technology is like a smaller, independent version of The Trade Desk.
• Viant Technology is like an independent competitor to Google's programmatic advertising platform.

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• Adelphic DSP (Demand-Side Platform): A self-serve software platform that enables advertisers to plan, execute, and optimize programmatic ad campaigns across various channels and formats.
• Identity Resolution & Data Services: Technologies, including its Household Graph, designed to accurately identify and target audiences across devices without reliance on third-party cookies.
• Omnichannel Inventory Access: Provides advertisers with curated access to a wide range of ad inventory, including display, video, connected TV, audio, and digital out-of-home.
• Measurement & Reporting Tools: Offers comprehensive analytics and reporting functionalities to help advertisers track campaign performance and measure return on ad spend.

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Viant Technology (DSP) - Major Customers

Viant Technology (symbol: DSP) operates as an ad technology company, primarily selling its advertising software and services to other businesses rather than directly to individuals. Their customers leverage the Adelphic® advertising software for programmatic advertising, campaign management, and measurement.

While specific names of major customers are not publicly disclosed by Viant Technology due to client confidentiality and the diversified nature of their revenue (as stated in their SEC filings, no single customer accounts for 10% or more of total revenue in recent fiscal years), their customer base primarily consists of the following types of companies:

• Advertising Agencies: These firms utilize Viant's platform to manage and execute digital advertising campaigns on behalf of their various brand clients. Agencies leverage the Adelphic platform to streamline media buying, audience targeting, and campaign optimization across numerous digital channels.
• Direct Brands/Marketers: Companies across diverse industries (e.g., retail, automotive, consumer packaged goods, financial services, travel) that either manage their advertising in-house or engage directly with ad tech platforms. These brands use Viant's technology to reach their target audiences, measure campaign performance, and drive marketing outcomes.

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Alphabet Inc. (GOOGL)

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Tim Vanderhook, Chief Executive Officer, Co-Founder & Chairman

Tim Vanderhook is a Co-Founder of Viant Technology, which he established with his brother Chris Vanderhook, originally as Specific Media in 1999. He has led the company's strategic vision, innovation, and product development for over two decades, taking Viant public in 2021. A serial entrepreneur and investor, Tim also co-founded XUMO in 2011, an ad-supported Over-The-Top (OTT) streaming service, which was acquired by Comcast in February 2020. He has experience in raising private equity capital and executing numerous acquisitions.

Larry Madden, Chief Financial Officer

Larry Madden serves as the Chief Financial Officer of Viant Technology, overseeing all financial activities including accounting, tax, treasury, and investor relations. He brings over three decades of experience, with more than 25 years as a CFO in a variety of growth-oriented and mature businesses. Prior to joining Viant in 2012, Larry held CFO positions at two NASDAQ-listed companies and served as a board member of another NASDAQ-listed home entertainment company. He possesses extensive experience in managing global financial and business operations, as well as debt and equity financing, having secured nearly $3 billion in funding throughout his career. Larry began his career at Ernst & Young.

Chris Vanderhook, Chief Operating Officer, Co-Founder & Board Member

Chris Vanderhook is a Co-Founder of Viant Technology, having co-founded the business (originally Specific Media) with his brother Tim in 1999. As Chief Operating Officer, he is responsible for the strategic and operational leadership of the company, including sales, marketing, ad operations, and customer support. A serial entrepreneur, Chris also co-founded XUMO in 2011, which was acquired by Comcast in February 2020.

Jon Schulz, Chief Marketing Officer

Jon Schulz is the Chief Marketing Officer at Viant Technology, a role he has held since 2014. He leads brand and product marketing, advertising, marketing science, business development, and strategic partnerships. Jon joined Viant, then Specific Media, in 2008 as Senior Vice President of Global Category Development. Before his tenure at Viant, he spent 12 years at Ford Motor Company, where he led Digital Marketing and CRM for the U.S. market. Jon is also a marketing lecturer at the University of Michigan Ross School of Business.

Fabrizio Blanco, Chief Technology Officer

Fabrizio Blanco serves as the Chief Technology Officer of Viant Technology, having joined the company in January 2011. Prior to his role at Viant, he held CTO positions at Specific Media and MySpace. His background also includes serving as Senior Vice President of Engineering and Chief Architect at Fox Audience Network (FAN), and Chief Technology Officer at Twenty-First Century Fox Inc..

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The key risks to Viant Technology (DSP) include intense competition, evolving data privacy regulations, and significant reliance on artificial intelligence technologies.

1. Intense Competition: Viant Technology operates in a highly competitive digital advertising market, facing significant challenges from larger "walled garden" platforms such as Amazon and Google, as well as other major programmatic advertising leaders like The Trade Desk. These competitors could potentially lower their "take rates," which could negatively impact Viant's business model and market share.
2. Evolving Data Privacy Regulations: Viant's business is highly susceptible to a wide range of evolving laws and regulations, particularly those concerning data privacy, such as the restriction of "third-party cookies." Non-compliance with these complex and changing regulations, or an inability to adapt to new privacy standards, could materially and adversely affect Viant's business, operating results, and financial condition.
3. Reliance on Artificial Intelligence Technologies: Viant Technology faces significant business risks due to its heavy reliance on artificial intelligence (AI) technologies, including its ViantAI product suite. The effectiveness of these AI solutions is contingent on the accuracy and reliability of their underlying models and data. Any deficiencies or the failure to successfully develop and commercialize these solutions could negatively impact Viant's products, services, reputation, and financial performance. Furthermore, the evolving market for AI technologies is unpredictable, and dependency on third-party AI technologies also poses a risk if their availability, pricing, or compatibility changes.

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• Deprecation of Third-Party Cookies and Identifiers

  The ongoing and accelerating deprecation of third-party cookies by web browsers (e.g., Google Chrome's Privacy Sandbox initiatives, Apple's Intelligent Tracking Prevention) and mobile identifiers by operating systems is a foundational shift in the digital advertising ecosystem. Viant, like many ad-tech platforms, has historically relied on these identifiers for people-based targeting, measurement, and attribution across the open internet. While Viant has invested in its own identity solutions and cookieless targeting capabilities, the fundamental re-architecting of how user identity and tracking work online presents a significant challenge. The complexity of integrating with new, fragmented privacy-preserving technologies (such as Google's Topics API and Protected Audience API) while maintaining effective campaign performance and measurement across various publishers and devices could erode Viant's competitive advantage and impact its ability to deliver results for advertisers, potentially leading to market share loss to platforms better positioned for the privacy-centric future.

• Increasing Dominance and Vertical Integration of Walled Gardens

  Major platforms such as Google, Meta, Amazon, and TikTok continue to expand their advertising ecosystems, often referred to as "walled gardens." These platforms control vast amounts of first-party user data and offer comprehensive advertising solutions within their own environments, making it increasingly attractive for advertisers to consolidate their spend directly with them. This trend represents a significant threat to independent ad-tech companies like Viant, as it limits their access to valuable first-party data, makes cross-platform measurement and attribution more challenging, and intensifies competition for advertiser budgets that might otherwise flow through independent demand-side platforms (DSPs). The continuous enhancement of these walled gardens' proprietary ad tools further reduces the incentive for advertisers to utilize third-party solutions for campaigns run within those ecosystems.

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Viant Technology Inc. (NASDAQ: DSP) operates as an advertising technology company, with its primary offerings centered around its Adelphic Demand-Side Platform (DSP) which facilitates omnichannel programmatic advertising. This platform enables advertisers to plan, execute, and measure digital advertising campaigns across various channels, including Connected TV (CTV), mobile, desktop, audio, and digital out-of-home (DOOH).

The key addressable markets for Viant Technology's main products and services are:

• Digital Advertising Technology Market: The total addressable market for digital advertising technology, which encompasses DSPs like Viant's, is estimated to reach $526.1 billion globally by 2024. This market is projected to grow at an annual rate of 17.2%.
• Programmatic Advertising Market: This market, where DSPs are central, is forecasted to grow at a Compound Annual Growth Rate (CAGR) of 26% in the U.S. between 2024 and 2030, and 27.1% globally.
• Connected TV (CTV) Advertising Market: A significant growth area for Viant, U.S. CTV ad spend is expected to exceed $30 billion in 2025. Another estimate suggests that over $60 billion in TV ad budgets are shifting to Connected TV. The U.S. CTV market alone is expected to grow by 11.1% between 2025 and 2030.
• Privacy Marketing Technology Market: Viant offers privacy-focused solutions such as its Household ID. The privacy marketing technology market is expected to reach $18.5 billion globally by 2026.

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Viant Technology (NASDAQ: DSP) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market trends. Key drivers include the expansion of its Connected TV (CTV) offerings, advancements and wider adoption of its AI-powered programmatic advertising suite, and the acquisition and integration of IRIS.TV to enhance targeting capabilities. The company is also actively pursuing new business opportunities with major advertisers and forming strategic partnerships.

Here are 3-5 expected drivers of future revenue growth:

1. Expansion of Connected TV (CTV) Offerings and Direct Access Program: Viant views CTV as a primary growth driver, with approximately 45% of its platform spend in the first half of 2025 coming from CTV. The company is expanding its "Direct Access" program by integrating with premium CTV publishers and partners like LG, Magnite's SpringServe, and Tubi. This expansion aims to reduce intermediaries, increase transparency, improve decisioning speed for CTV campaigns, and tap into the projected U.S. CTV ad spend exceeding $30 billion in 2025.
2. Advancements and Wider Adoption of Viant AI Product Suite: ViantAI is central to the company's strategy, with AI Bidding already automating around 85% of ad spending on its platform. The full rollout of the ViantAI product suite, including AI Planning, AI Measurement & Analysis, and AI Decisioning (expected by late 2025), is anticipated to drive significant growth by enabling more efficient and effective advertising campaigns. The AI capabilities can lead to substantial media cost reductions for advertisers.
3. Acquisition and Integration of IRIS.TV: Viant's acquisition of IRIS.TV and the expansion of IRIS_ID through Wurl to FAST channels is enhancing contextual targeting capabilities. This integration allows for more precise audience reach with strong measured lifts in brand metrics, which is expected to attract increased ad spend due to enhanced targeting.
4. New Business Pipeline and Enterprise Client Growth: Viant has identified a significant pipeline of new business opportunities, exceeding $250 million of incremental gross ad spend primarily starting in 2026, from major U.S. advertisers. This indicates a successful strategy in moving upmarket to cater to enterprise-level clients, a sector the company previously hasn't heavily competed in.
5. Strategic Partnerships: The formation of multi-year partnerships, such as the one naming Viant as the advertising platform for Molson Coors Beverage Company beginning in 2026, demonstrates the company's ability to secure long-term agreements with significant brands. These partnerships leverage Viant's Household ID and identity infrastructure to activate and scale first-party data across programmatic channels.

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Share Repurchases

• In April 2024, Viant Technology's board of directors authorized a stock repurchase program of up to $50 million.
• From May 1, 2024, through February 28, 2025, the company repurchased 2.0 million shares of Class A common stock for a total of $25.7 million.
• As of February 28, 2025, $24.3 million remained available for repurchases under the authorized program.

Share Issuance

• Viant Technology completed its initial public offering (IPO) around January 2021, issuing and selling 10,000,000 shares of its Class A common stock for gross proceeds of $250.0 million, before deducting underwriting discounts and commissions.
• The IPO also involved the issuance of 48,935,559 shares of Class B common stock to holders of Class B units in Viant Technology LLC.
• As of December 31, 2024, there were 16.4 million shares of Class A common stock and 46.8 million shares of Class B common stock outstanding.

Outbound Investments

• Viant Technology made a long-term strategic investment by acquiring IRIS.TV.
• In February 2025, the company completed the acquisition of Lockr, a data collaboration platform, to accelerate the adoption of its Household ID and IRIS_ID technologies.
• The company's stated strategy includes investing in acquisitions to offer new products and capitalize on market opportunities.

Capital Expenditures

• Viant Technology's capital expenditures were $7.84 million in 2020, $7.37 million in 2021, $8.83 million in 2022, $13 million in 2023, and $18 million in 2024.
• Capital expenditures are primarily focused on developing technology to enhance the company's platform and on purchasing property and equipment to support growth.
• The company capitalizes certain costs associated with creating and enhancing internally developed software related to its technology infrastructure.