Novacap

Leading Canadian mid-market private equity firm and emerging AdTech consolidator via Cadent and AdTheorent portfolio holdings

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 built a reputation as one of Canada's leading mid-market private equity firms, backing growth-oriented companies across North America. Novacap made a significant entry into the AdTech ecosystem in 2023 with its approximately $600 million acquisition of Cadent, a leading TV advertising platform connecting brands to audiences across linear, streaming, and digital channels. This deal signaled Novacap's strategic intent to build a scaled AdTech portfolio. Under Novacap's ownership, Cadent subsequently acquired AdTheorent, a programmatic advertising platform known for its machine learning-driven audience targeting capabilities, further consolidating its position in the converged TV and digital advertising space. As a private equity owner rather than an operating AdTech company itself, Novacap's role in the ecosystem is that of a strategic investor and consolidator. Its AdTech portfolio — anchored by Cadent and AdTheorent — positions it to capitalize on the ongoing convergence of linear TV, connected TV (CTV), and digital advertising. Novacap provides capital, operational expertise, and M&A support to help its portfolio companies scale and compete against larger players like The Trade Desk, Magnite, and other programmatic advertising platforms.