The gap between the haves and the have nots in ad tech has never been starker: There is the high-flying company like The Trade Desk with a market capitalization of more than $13 billion. And at the other end is a laundry list of bankruptcies, firesales and companies going out of business altogether. And as the market consolidates, a set of opportunist buyers — the vulture capitalists — are ready to pounce on the remains.

Click the button below for LUMA’s take on the current state of Ad Tech in Digiday’s latest article and check out the 2019 Ad Tech M&A deals referenced in LUMA’s Q4 2019 Market Report.