Scaled ad tech M&A was up 150% in the third quarter, driven in part by private equity … so, hurrah? (For reference, scaled ad tech deal volume was down 60% quarter over quarter in Q2.)

“I wouldn’t read too much into this, actually,” said Conor McKenna, a director at LUMA Partners, which released its Q3 market report in early October. The rise in M&A during the previous quarter is partially the result of a backlog from the first half of this year. Because there wasn’t a fresh calamity during Q3, some companies with deals in the pipeline decided the situation was stable enough to finally pull the trigger.

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