Novacap

Leading Canadian private equity firm with a growing AdTech portfolio anchored by Cadent, positioning itself as a consolidator in the converged TV and programmatic advertising space

Novacap is a Montreal-based Canadian private equity firm founded in 1981, specializing in investments across technology, financial services, industries, and healthcare sectors. With over four decades of investment experience and billions in assets under management, Novacap has established itself as one of Canada's most prominent PE firms, backing growth-stage and mature companies across North America. Novacap made a significant entry into the AdTech ecosystem in 2023 with its acquisition of Cadent, a leading converged TV advertising platform, in a deal valued at approximately $600 million. This move signaled Novacap's strategic interest in the rapidly evolving connected TV and data-driven advertising landscape. Under Novacap's ownership, Cadent has pursued an aggressive consolidation strategy, most notably acquiring AdTheorent, a machine learning-focused programmatic advertising company, further expanding its capabilities in audience targeting and cross-screen advertising. Novacap's AdTech portfolio strategy centers on building a scaled, integrated advertising technology platform capable of competing with larger players in the converged TV and programmatic advertising markets. By combining Cadent's established TV data and activation infrastructure with AdTheorent's AI/ML-driven programmatic capabilities, Novacap is positioning its portfolio as a comprehensive solution for advertisers seeking performance-driven, data-informed campaigns across linear, streaming, and digital channels.