10/27/2025 | Press release | Distributed by Public on 10/27/2025 15:28
TABLE OF CONTENTS
|
☒
|
Preliminary Information Statement
|
|
☐
|
Confidential, for Use of the Commission Only (as permitted by Rule 14c-5(d)(2))
|
|
☐
|
Definitive Information Statement
|
|
☐
|
No fee required
|
|
☐
|
Fee paid previously with preliminary materials
|
|
☒
|
Fee computed on table in exhibit required by Item 25(b) of Schedule 14A (17 CFR 240.14a-101) per Item 1 of this Schedule and Exchange Act Rules 14c-5(g) and 0-11
|
TABLE OF CONTENTS
TABLE OF CONTENTS
|
|
|
|
|
|
Lisa Utzschneider
Chief Executive Officer
|
|
|
Yossi Almani
Chief Legal Officer and Corporate Secretary
|
|
|
|
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
Page
|
|
|
SUMMARY
|
|
|
1
|
|
The Parties to the Merger Agreement
|
|
|
1
|
|
The Merger
|
|
|
2
|
|
The Merger Consideration
|
|
|
2
|
|
Treatment of IAS Equity Awards and IAS Employee Stock Purchase Plan in the Merger
|
|
|
2
|
|
Interests of Our Directors and Executive Officers in the Merger
|
|
|
3
|
|
Recommendation of the Company Board; Reasons for the Merger
|
|
|
4
|
|
Required Stockholder Approval for the Merger
|
|
|
4
|
|
Opinion of Jefferies LLC
|
|
|
4
|
|
Financing
|
|
|
5
|
|
The Merger Agreement
|
|
|
6
|
|
Interests of Our Directors and Executive Officers in the Merger
|
|
|
9
|
|
Support Agreement
|
|
|
10
|
|
Material United States Federal Income Tax Consequences of the Merger
|
|
|
10
|
|
Regulatory Approvals
|
|
|
10
|
|
Procedures for Receiving Merger Consideration
|
|
|
10
|
|
Appraisal Rights
|
|
|
11
|
|
Transaction Litigation
|
|
|
11
|
|
Market Information and Dividends
|
|
|
11
|
|
|
|
||
|
QUESTIONS AND ANSWERS ABOUT THE MERGER
|
|
|
12
|
|
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
|
|
|
17
|
|
THE PARTIES TO THE MERGER AGREEMENT
|
|
|
19
|
|
THE MERGER
|
|
|
20
|
|
Background of the Merger
|
|
|
20
|
|
Recommendation of the Company Board; Reasons for the Merger
|
|
|
32
|
|
Required Stockholder Approval for the Merger
|
|
|
36
|
|
Opinion of Jefferies LLC
|
|
|
36
|
|
Certain Company Financial Forecasts
|
|
|
42
|
|
Financing
|
|
|
44
|
|
Interests of Our Directors and Executive Officers in the Merger
|
|
|
44
|
|
Delisting and Deregistration of Company Common Stock
|
|
|
49
|
|
Transaction Litigation
|
|
|
49
|
|
Material United States Federal Income Tax Consequences of the Merger
|
|
|
49
|
|
Support Agreement
|
|
|
51
|
|
Regulatory Approvals
|
|
|
52
|
|
|
|
||
|
THE MERGER AGREEMENT
|
|
|
54
|
|
Explanatory Note Regarding the Merger Agreement
|
|
|
54
|
|
Structure of the Merger
|
|
|
54
|
|
Consummation and Effectiveness of the Merger
|
|
|
54
|
|
Consideration to Be Received in the Merger
|
|
|
54
|
|
Procedures for Receiving Merger Consideration
|
|
|
55
|
|
Treatment of IAS Equity Awards and IAS ESPP in the Merger
|
|
|
56
|
|
Dissenting Shares
|
|
|
57
|
|
Effects of the Merger; Certificate of Incorporation; Bylaws; Directors and Officers
|
|
|
57
|
|
Representations and Warranties
|
|
|
57
|
|
Conduct of Business by IAS Prior to Consummation of the Merger
|
|
|
61
|
|
Regulatory Filings; Efforts
|
|
|
63
|
|
|
|
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
Page
|
|
|
No Solicitation or Negotiation
|
|
|
64
|
|
Stockholder Consent
|
|
|
65
|
|
Financing Cooperation
|
|
|
66
|
|
Indemnification and Insurance
|
|
|
66
|
|
Continuing Employee Matters
|
|
|
68
|
|
Other Covenants and Agreements
|
|
|
69
|
|
Conditions to Consummation of the Merger
|
|
|
69
|
|
Termination of the Merger Agreement
|
|
|
71
|
|
Termination Fees and Expenses
|
|
|
72
|
|
Superior Proposal and Change of Recommendation
|
|
|
73
|
|
Amendment and Waiver
|
|
|
73
|
|
Governing Law; Jurisdiction and Waiver of Jury Trial
|
|
|
74
|
|
Specific Performance
|
|
|
74
|
|
|
|
||
|
MARKET INFORMATION AND DIVIDENDS
|
|
|
75
|
|
APPRAISAL RIGHTS
|
|
|
76
|
|
General
|
|
|
76
|
|
How to Exercise and Perfect Your Appraisal Rights
|
|
|
77
|
|
Who May Exercise Appraisal Rights
|
|
|
78
|
|
Surviving Corporation's Actions After Completion of the Merger
|
|
|
78
|
|
|
|
||
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
|
|
|
82
|
|
HOUSEHOLDING
|
|
|
84
|
|
WHERE YOU CAN FIND MORE INFORMATION
|
|
|
85
|
|
|
|
||
|
ANNEX A-AGREEMENT AND PLAN OF MERGER
|
|
|
A-1
|
|
ANNEX B-OPINION OF JEFFERIES LLC
|
|
|
B-1
|
|
ANNEX C-VISTA SUPPORT AGREEMENT
|
|
|
C-1
|
|
|
|
|
|
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
|
•
|
determined that it is fair to and in the best interests of IAS and its stockholders, and declared it advisable, to enter into the Merger Agreement providing for the Merger, in accordance with the DGCL;
|
|
•
|
approved and declared advisable the Merger Agreement, the execution and delivery of the Merger Agreement by IAS, the performance by IAS of its covenants and other obligations thereunder, and the consummation of the Merger upon the terms and conditions set forth therein;
|
|
•
|
resolved to recommend that IAS's stockholders adopt the Merger Agreement and the Merger in accordance with the DGCL; and
|
|
•
|
directed that the Merger Agreement be submitted to IAS's stockholders for adoption.
|
TABLE OF CONTENTS
TABLE OF CONTENTS
|
•
|
solicit, initiate, propose or knowingly induce the making, submission or announcement of, or knowingly encourage, facilitate or assist, any proposal or offer that constitutes or is reasonably expected to lead to an Acquisition Proposal (as defined in the Merger Agreement);
|
|
•
|
furnish to any person (other than Parent, Merger Sub or their designees) any nonpublic information relating to IAS or its subsidiaries or afford to any person access to the business, properties, assets, books, records or personnel of IAS or any of its subsidiaries with the intent to, or in a manner which could be reasonably expected to induce the making, submission or announcement of, or to knowingly encourage or knowingly facilitate an Acquisition Proposal;
|
|
•
|
participate or engage in discussions or negotiations with any person (other than Parent, Merger Sub or any of their designees) with respect to an Acquisition Proposal in each case, other than solely informing such person of the existence of certain provisions contained in the Merger Agreement and contacting the person making the Acquisition Proposal in order to clarify the terms or conditions of the Acquisition Proposal in connection with determining whether the Acquisition Proposal constitutes a Superior Proposal (as defined in "The Merger Agreement-Superior Proposal and Change of Recommendation" beginning on page 73);
|
|
•
|
approve, endorse or recommend an Acquisition Proposal; or
|
|
•
|
enter into any letter of intent, memorandum of understanding, merger agreement, acquisition agreement or any other agreement or contract relating to an Acquisition Proposal, other than certain acceptable confidentiality agreements.
|
|
•
|
the affirmative vote of the holders of a majority of the outstanding shares of Company Common Stock having been obtained (which was satisfied on September 24, 2025 pursuant to the delivery of the Written Consent);
|
|
•
|
expiry or termination of the applicable waiting period pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the "HSR Act"), and the approval, clearance or expiration of any waiting periods pursuant to foreign direct investment laws and ex-U.S. antitrust laws applicable to the transactions contemplated by the Merger Agreement;
|
|
•
|
no law, injunction or order (whether temporary, preliminary or permanent) by any governmental authority of competent jurisdiction prohibiting, enjoining or otherwise making illegal the consummation of the Merger or the other transactions contemplated by the Merger Agreement has been enacted, entered, or promulgated with continuing effect; and
|
|
•
|
the Information Statement shall have been mailed to IAS stockholders at least 20 days prior to the Closing date and the consummation of the Merger shall be permitted by Regulation 14C of the Exchange Act (including Rule 14c-2 promulgated under the Exchange Act).
|
TABLE OF CONTENTS
|
•
|
the representations and warranties of IAS set forth in the Merger Agreement being true and correct on the Closing date in the manner described under "The Merger Agreement-Conditions to Consummation of the Merger" beginning on page 69;
|
|
•
|
IAS having performed and complied in all material respects with its covenants and obligations under the Merger Agreement required to be performed or complied with at or prior to the Closing;
|
|
•
|
no Company Material Adverse Effect (as defined in "The Merger Agreement-Representations and Warranties on page 57) has occurred since the date of the Merger Agreement; and
|
|
•
|
the receipt by Parent and Merger Sub of a certificate of a duly authorized executive officer of IAS, certifying that each of the conditions specified in the preceding three bullets have been satisfied.
|
|
•
|
the representations and warranties of Parent and Merger Sub set forth in the Merger Agreement being true and correct as of the Closing date in the manner described under "The Merger Agreement-Conditions to Consummation of the Merger" beginning on page 69;
|
|
•
|
Parent and Merger Sub having complied in all material respects with their covenants and obligations under the Merger Agreement required to be performed or complied with at or prior to the Closing; and
|
|
•
|
the receipt by IAS of a certificate of a duly authorized officer of Parent and Merger Sub, certifying that each of the conditions specified in the preceding two bullets have been satisfied.
|
|
•
|
at any time prior to the Effective Time (whether before or after receipt of the Written Consent) by mutual written agreement of Parent and IAS;
|
|
•
|
by either Parent or IAS, at any time prior to the Effective Time (whether before or after receipt of the Written Consent) if (i) any permanent injunction or other final and non-appealable judgment or order issued by any court or other governmental authority of competent jurisdiction preventing the consummation of the Merger is in effect that, in each case, prohibits, makes illegal or enjoins the consummation of the Merger and has become final and non-appealable; or (ii) any statute, rule or regulation has been enacted, entered or enforced that prohibits, makes illegal or enjoins the consummation of the Merger; provided that the right to terminate the Merger Agreement for this reason is not available to a party if such permanent injunction or other final and non-appealable judgment or order, or statute, rule or regulation was primarily due to the failure of such party to perform any of its obligations under the Merger Agreement or if such party shall have failed to comply with its obligations related to antitrust, merger control and foreign investment laws as set out in the Merger Agreement;
|
|
•
|
by either Parent or IAS if the Merger is not consummated on or before 11:59 p.m., New York City time, on March 24, 2026 (the "Termination Date"); provided that the right to terminate the Merger Agreement for this reason is not available to a party if the failure of the Merger to occur prior to the Termination Date was primarily due to the failure of such party to perform any of its obligations under the Merger Agreement;
|
|
•
|
by Parent, if IAS breaches any of its representations or warranties or fails to perform any of its covenants or obligations contained in the Merger Agreement, which breach or failure to perform would give rise to the failure of a condition precedent to the obligations of Parent and Merger Sub to consummate the Merger if the Closing were to then occur, except that if such breach is capable of being cured prior to the Termination Date, Parent will not be entitled to terminate the Merger Agreement prior to giving 45 days' written notice to IAS of such breach stating Parent's intention to terminate the Merger Agreement and the basis for such termination; provided that Parent will not have
|
TABLE OF CONTENTS
|
•
|
by IAS, if Parent or Merger Sub breaches any of its respective representations or warranties or fails to perform any of its respective covenants or obligations contained in the Merger Agreement, which breach or failure to perform would give rise to the failure of a condition precedent to IAS's obligation to consummate the Merger if the Closing were to then occur, except that if such breach is capable of being cured prior to the Termination Date, IAS will not be entitled to terminate the Merger Agreement prior to giving 45 days' written notice to Parent of such breach stating IAS's intention to terminate the Merger Agreement and the basis for such termination provided that IAS will not have the right to terminate the Merger Agreement if such breach has been cured prior to termination or if IAS is then in material breach of any representations, warranties, covenants or other agreements contained in the Merger Agreement, which breach would give rise to the failure of a condition precedent to the obligations of Parent and Merger Sub to consummate the Merger; or
|
|
•
|
by IAS (i) if all of the conditions to the obligations of Parent and Merger Sub to consummate the Merger are satisfied or waived (other than those conditions that by their terms are to be satisfied at the Closing, so long as such conditions are at the time of termination capable of being satisfied), (ii) Parent has actually received the confirmation described below under (y) and (iii) Parent fails to consummate the transactions contemplated by the Merger Agreement by the date that is three business days after the later of (x) the date that Parent is required to consummate the Closing pursuant to the Merger Agreement and (y) the date on which Parent receives irrevocable confirmation from IAS in writing that all of the conditions to IAS's obligation to consummate the Merger have been satisfied or waived (other than those conditions that by their terms are to be satisfied at the Closing, so long as such conditions are at the time of termination capable of being satisfied) and that IAS is prepared to consummate the Closing.
|
|
•
|
if (i) the Merger Agreement is terminated (A) because the Merger is not consummated on or before the Termination Date, (B) because the Company has failed to obtain the Written Consent within 24 hours following the execution of the Merger Agreement, or (C) pursuant to a breach or failure of IAS to perform any of its representations, warranties, covenants or other agreements resulting in a failure of IAS to satisfy certain of IAS's conditions precedent to the Closing and such breach is incapable of being cured prior to the Termination Date; (ii) following the execution of the Merger Agreement and prior to such termination, an Acquisition Proposal for an Acquisition Transaction has been publicly announced or disclosed and not withdrawn or otherwise abandoned; and (iii) within 12 months following such termination of the Merger Agreement, either an Acquisition Transaction is consummated or IAS enters into a definitive agreement providing for the consummation of an Acquisition Transaction
|
TABLE OF CONTENTS
|
•
|
if the Merger Agreement is terminated by Parent because the Company Board (or a committee thereof) has effected a Board Recommendation Change; or
|
|
•
|
if the Merger Agreement is terminated by IAS, at any time prior to IAS's receipt of the Written Consent, in order to substantially concurrently enter into an Alternative Acquisition Agreement providing for a Superior Proposal.
|
|
•
|
by IAS if Parent breaches any of its representations or warranties or fails to perform any of its covenants or obligations contained in the Merger Agreement which breach or failure to perform would result in a failure of a specified closing condition, and such breach is incapable of being cured prior to the Termination Date;
|
|
•
|
by IAS (i) if all of the conditions to the obligations of Parent and Merger Sub to consummate the Merger are satisfied or validly waived (other than those conditions that by their terms are to be satisfied, by actions taken at the Closing, so long as such conditions are at the time of termination capable of being satisfied, (ii) Parent has actually received the confirmation described below under (y) and (iii) Parent fails to consummate the transactions contemplated by the Merger Agreement by the date that is three business days after the later of (x) the date that Parent is required to consummate the Closing pursuant to the Merger Agreement and (y) the date on which Parent receives irrevocable confirmation in writing from IAS that all of the conditions to IAS's obligation to consummate the Merger have been satisfied or waived (other than those conditions that by their terms are to be satisfied at the Closing, so long as such conditions are at the time of termination capable of being satisfied) and that IAS is prepared to consummate the Closing; or
|
|
•
|
by IAS or Parent if the Merger is not consummated on or before the Termination Date; provided that at such time IAS has the right to terminate the Merger Agreement pursuant to the two bullet points described above.
|
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
|
Q:
|
What is the proposed transaction and what effects will it have on IAS?
|
|
A:
|
The proposed transaction is the acquisition of IAS by Parent pursuant to the Merger Agreement. Once the closing conditions under the Merger Agreement have been satisfied or waived (where permissible under applicable law) and subject to the other terms and conditions in the Merger Agreement, Merger Sub will merge with and into IAS. IAS will be the Surviving Corporation of the Merger and a wholly owned subsidiary of Parent, at which time IAS will cease to be a standalone publicly traded company.
|
|
Q:
|
What will I receive in the Merger?
|
|
A:
|
Upon completion of the Merger and subject to the terms and conditions in the Merger Agreement, and, if applicable, subject to your compliance with the letter of transmittal delivered to you by the payment agent after the Closing, as further described in the section entitled "The Merger Agreement-Procedures for Receiving Merger Consideration" beginning on page 55, you will receive the Per Share Price, which is $10.30 in cash, without interest thereon and less any applicable withholding taxes, for each share of Company Common Stock that you own, unless you properly exercise, and do not withdraw, waive or fail to perfect, appraisal rights under Section 262 of the DGCL. For example, if you own 100 shares of Company Common Stock, you will receive $1,030.00 in cash in exchange for your shares of Company Common Stock, without interest thereon and less any applicable withholding taxes. Upon completion of the Merger, you will not own any equity in the Surviving Corporation.
|
|
Q:
|
What happens to Company Options, Company RSUs and Company MSUs if the Merger is completed?
|
|
A:
|
At the Effective Time, each Company Option, other than Underwater Options, will automatically be cancelled and converted into the right to receive an amount in cash, without interest and subject to applicable withholding taxes, equal to the product of (i) the total number of shares of Company Common Stock subject to such Company Options as of immediately prior to the Effective Time and (ii) the excess, if any, of the Per Share Price over the exercise price per share of Company Common Stock of such Company Option. At the Effective Time, each Underwater Option will be cancelled for no consideration.
|
TABLE OF CONTENTS
|
Q:
|
What happens to the IAS Employee Stock Purchase Plan if the Merger is completed?
|
|
A:
|
Following the date of the Merger Agreement, no new offering periods or purchase periods may be commenced under the Company ESPP, and no employee may newly enroll in the Company ESPP or increase their contribution rates or purchase elections under the Company ESPP.
|
|
Q:
|
Do any officers or directors of IAS have interests in the Merger that may differ from or be in addition to my interests as a stockholder?
|
|
A:
|
You should be aware that IAS's directors and executive officers have interests in the Merger that may be different from, or in addition to, the interests of IAS's stockholders generally. The Company Board was aware of these interests and considered them, among other matters, in approving the Merger Agreement. These interests are described in the section entitled "The Merger-Interests of Our Directors and Executive Officers in the Merger" beginning on page 44.
|
|
Q:
|
When do you expect the Merger to be completed?
|
|
A:
|
We are working to complete the Merger as quickly as possible. We currently expect to complete the Merger promptly after all of the conditions to the Merger have been satisfied or waived (to the extent permissible under applicable law) and subject to the other terms and conditions in the Merger Agreement; however, according to the terms of the Merger Agreement, the consummation of the Merger will not occur prior to
|
TABLE OF CONTENTS
|
Q:
|
What happens if the Merger is not completed?
|
|
A:
|
If the Merger is not completed for any reason, stockholders will not receive any payment for their shares of Company Common Stock in connection with the Merger. Instead, IAS will remain a publicly traded company, and shares of Company Common Stock will continue to be traded on the Nasdaq.
|
|
Q:
|
Why am I not being asked to vote on the Merger?
|
|
A:
|
Applicable Delaware law and IAS's Charter require the adoption of the Merger Agreement by the holders in the aggregate of a majority of the voting power of the outstanding shares of Company Common Stock entitled to vote thereon. IAS's Charter permits any action which is required or permitted to be taken by IAS's stockholders to be taken without a meeting if a written consent setting forth the action so taken is signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares of the Company Common Stock entitled to vote thereon were present and voted. The requisite stockholder approval was obtained on September 24, 2025, following the execution of the Merger Agreement, when the Written Consent was delivered by the Consenting Stockholders, which owned of record and beneficially shares of Company Common Stock constituting approximately 52.6% of the aggregate voting power of the issued and outstanding shares of Company Common Stock on that date. Therefore, your vote is not required and is not being sought. We are not asking you for a proxy, and you are requested not to send us a proxy.
|
|
Q:
|
Why did I receive this information statement?
|
|
A:
|
Applicable laws and securities regulations require us to provide you with notice of the Written Consent that was delivered by the Consenting Stockholders, as well as other information regarding the Merger, even though your vote or consent is neither required nor requested to adopt or authorize the Merger Agreement or complete the Merger. This information statement also constitutes notice to you of (i) the Written Consent as required by Section 228(e) of the DGCL and (ii) the availability of appraisal rights in connection with the Merger under Section 262 of the DGCL, which may be accessed without subscription or cost at the following publicly available website: https://delcode.delaware.gov/title8/c001/sc09/index.html#262.
|
|
Q:
|
Did the Company Board approve and recommend the Merger Agreement?
|
|
A:
|
Yes. After careful consideration, the Company Board unanimously (i) determined that it is fair to, and in the best interests of IAS and its stockholders, and declared it advisable, to enter into the Merger Agreement providing for the Merger, in accordance with the DGCL; (ii) approved and declared advisable the Merger Agreement, the execution and delivery of the Merger Agreement by IAS, the performance by IAS of its covenants and other obligations thereunder, and the consummation of the Merger upon the terms and conditions set forth therein; (iii) resolved to recommend that IAS's stockholders adopt the Merger Agreement and the Merger in accordance with the DGCL; and (iv) directed that the Merger Agreement be submitted to IAS's stockholders for adoption. For a discussion of the factors that the Company Board considered in determining to approve and recommend the Merger Agreement, please see the section entitled "The Merger-Recommendation of the Company Board; Reasons for the Merger" beginning on page 32.
|
|
Q:
|
What happens if I sell my shares before completion of the Merger?
|
|
A:
|
If you transfer your shares of Company Common Stock before consummation of the Merger, you will have transferred the right to receive the Per Share Price and lose your appraisal rights. In order to receive the Per Share Price or exercise appraisal rights, you must hold your shares through the Effective Time and, in the case of any effort to exercise appraisal rights, otherwise comply with all other requirements of Section 262 of the DGCL.
|
|
Q:
|
How do I surrender my Uncertificated Shares of Company Common Stock held by IAS's transfer agent, Equiniti Trust Company, LLC?
|
|
A:
|
Upon the payment agent's receipt of an "agent's message" (or such other evidence as the payment agent may reasonably request), the holder of such Uncertificated Shares will be entitled to receive the Per Share Price in exchange for each share of Company Common Stock represented by such Uncertificated Share and such surrendered Uncertificated Share will be cancelled.
|
TABLE OF CONTENTS
|
Q:
|
What happens to my shares of Company Common Stock held by my broker?
|
|
A:
|
Your broker generally will handle cashing out all shares of Company Common Stock that you hold in your brokerage account after the Closing has occurred. You should direct any specific questions on this to your broker.
|
|
Q:
|
Is the Merger subject to the fulfillment of certain conditions?
|
|
A:
|
Yes. Before the Merger can be completed, IAS, Parent and Merger Sub must fulfill or, if permissible under applicable law, waive several closing conditions. If these conditions are not satisfied or waived, the Merger will not be completed. See the section entitled "The Merger Agreement-Conditions to Consummation of the Merger" beginning on page 69.
|
|
Q:
|
Am I entitled to exercise appraisal rights instead of receiving the Per Share Price for my shares?
|
|
A:
|
Yes. Under Section 262 of the DGCL, stockholders who did not provide a consent to the adoption of the Merger Agreement (that is, stockholders other than the Consenting Stockholders) are entitled to exercise appraisal rights in connection with the Merger with respect to their shares of Company Common Stock if they meet certain conditions and comply with the applicable statutory procedures for demanding and perfecting appraisal rights and do not subsequently validly withdraw or lose such rights. See the section entitled "Appraisal Rights" beginning on page 76.
|
|
Q:
|
What happens if a third party makes an offer to acquire IAS before the Merger is completed?
|
|
A:
|
Under the terms of the Merger Agreement, until the Effective Time, IAS agreed not to (i) solicit or engage in discussions or negotiations regarding any Acquisition Proposal and (ii) recommend any Acquisition Proposal. See the section entitled "The Merger Agreement-No Solicitation or Negotiation" beginning on page 64.
|
|
Q:
|
Will I owe taxes as a result of the Merger?
|
|
A:
|
The exchange of Company Common Stock for cash pursuant to the Merger will be a taxable transaction for United States federal income tax purposes. Therefore, a United States Holder receiving cash in the Merger generally will recognize capital gain or loss for United States federal income tax purposes in an amount equal to the difference between (x) the amount of cash the United States Holder received in the Merger (determined before deduction of any applicable withholding taxes) and (y) such United States Holder's adjusted tax basis in the surrendered shares of Company Common Stock.
|
|
Q:
|
Where can I find more information about IAS?
|
|
A:
|
We file periodic reports, proxy statements and other information with the SEC. This information is available on the website maintained by the SEC at www.sec.gov. For a more detailed description of the available information, please refer to the section entitled "Where You Can Find More Information" beginning on page 85.
|
|
Q:
|
What is "householding"?
|
|
A:
|
The SEC's rules permit us and intermediaries such as brokers to satisfy delivery requirements for information statements with respect to two or more stockholders sharing the same address by delivering a single information statement addressed to those stockholders, unless we received contrary instructions from
|
TABLE OF CONTENTS
|
Q:
|
Who can help answer my other questions?
|
|
A:
|
If you have more questions about the Merger, please contact our Investor Relations department at [email protected]. If your broker holds your shares, you should call your broker for additional information.
|
TABLE OF CONTENTS
|
•
|
the risk that the Merger may not be completed in a timely manner or at all, which may adversely affect our business and the price of the Company Common Stock;
|
|
•
|
the timing to consummate the Merger, or the occurrence of any event, change, or other circumstances that could give rise to the termination of the Merger Agreement, including circumstances requiring a party to pay the other party a termination fee pursuant to the Merger Agreement;
|
|
•
|
the failure to satisfy the conditions to the consummation of the Merger, and the other transactions contemplated thereby;
|
|
•
|
the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement;
|
|
•
|
the risk that a governmental or regulatory approval that may be required for the Merger is not obtained or is obtained subject to conditions that are not anticipated;
|
|
•
|
the effect of the announcement or pendency of the Merger on our business relationships, operating results and business generally;
|
|
•
|
certain restrictions during the pendency of the Merger that may impact our ability to pursue certain business opportunities or strategic transactions;
|
|
•
|
risks that the Merger disrupts current plans and operations;
|
|
•
|
risks related to diverting management's attention from our ongoing business operations;
|
|
•
|
the outcome of any legal proceedings that may be instituted against the parties to the Merger Agreement or their respective directors, managers or officers, including the effects of any outcomes related thereto;
|
|
•
|
our ability to retain, hire and integrate skilled personnel, including our senior management team, and maintain relationships with key business partners and customers, and others with whom we do business, in light of the proposed transaction;
|
|
•
|
unfavorable reaction to the Merger by customers, competitors, suppliers and employees;
|
|
•
|
unexpected costs, charges or expenses resulting from the Merger;
|
TABLE OF CONTENTS
|
•
|
the impact of adverse general and industry-specific economic and market conditions;
|
|
•
|
risks related to our financial position and results of operations;
|
|
•
|
risks that the benefits of the Merger are not realized when and as expected;
|
|
•
|
the impact of inflation and global conflicts, including ongoing trade disputes between the United States and other countries; and
|
|
•
|
other factors described under the heading "Risk Factors" in IAS's Annual Report on Form 10-K for the year ended December 31, 2024, IAS's subsequent Quarterly Reports on Form 10-Q, and in other reports and filings made or to be made by IAS with the SEC. See the section entitled "Where You Can Find More Information" beginning on page 85.
|
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
|
•
|
Merger consideration: The Company Board considered the $10.30 per share in cash to be paid as Merger consideration in relation to (i) the Company Board's assessment of the current and future intrinsic value of IAS as a standalone entity, (ii) the multiple of enterprise value to EBITDA implied by such price (including in relation to IAS's current and historic multiples and the multiples implied by the deal value in selected precedent transactions) and (iii) the current and historical market prices of shares of Company Common Stock.
|
|
•
|
Strategic alternatives: The Company Board considered the likelihood and potential benefits of other potential strategic or other business combination transactions (including with alternative acquirors) and continuing as a standalone company.
|
|
•
|
The Company Board considered the potential benefits, risks and uncertainties associated with possible strategic alternatives to the Merger (including the possibility of remaining a standalone publicly traded company), including the likelihood of accomplishing such alternatives, taking into account the Company Board's belief that there were likely no other potential purchasers or other parties that would be reasonably likely to engage in a transaction in the near term at a price greater than the price being offered by Novacap.
|
|
•
|
The Company Board considered that IAS, beginning in September 2024, discussed possible interest in a potential strategic transaction with 79 total potential counterparties (comprised of a mixture of strategic and financial counterparties that the Company Board, with the assistance of representatives of Jefferies, determined would be most likely to have an interest in acquiring, and be able to pay a competitive price for, IAS), that IAS entered into confidentiality agreements with 31 of those potential counterparties, which resulted in 4 initial indications of interest, and the fact all of the parties that submitted initial indications of interest (other than Novacap) determined they were not interested in pursuing a strategic transaction with IAS.
|
|
•
|
The Company Board considered the fact that, 11 months prior to the announcement of the Merger Agreement, it was publicly reported by Bloomberg that IAS was working with Jefferies in
|
TABLE OF CONTENTS
|
•
|
The Company Board conducted extensive deliberations over a period spanning approximately 12 months with respect to a strategic review process involving IAS, which included (among other things) an evaluation of various potential strategic alternatives for IAS.
|
|
•
|
The Company Board also considered that, if IAS did not enter into the Merger Agreement with Novacap, there could be a considerable period of time before the trading price of the Company Common Stock would reach and sustain the per share Merger consideration of $10.30.
|
|
•
|
While the Company Board remained supportive of IAS's strategic plan and optimistic about its prospects on a standalone basis, the Company Board considered IAS's future prospects if IAS was to remain an independent public company, including the competitive landscape in the advertising technology industry, the business, financial and execution risks and IAS's relationships with customers, providers and suppliers and the potential impact of those factors on the trading price of Company Common Stock (which cannot be quantified numerically) and also considered the fact that the full realization of the IAS Forecasts (as defined in the section entitled "-Opinion of Jefferies LLC") was subject to significant execution risk.
|
|
•
|
Based on the value, risk allocation, timing and other terms and conditions negotiated with IAS, the Company Board ultimately determined that the acquisition by Novacap is more favorable to IAS's stockholders than any other strategic alternative reasonably available to IAS, including continuing as an independent public company.
|
|
•
|
Negotiations with Novacap: The Company Board considered the course of discussions and negotiations between IAS and Novacap, improvements to the terms of Novacap's acquisition proposal in connection with those negotiations, including those ultimately resulting in Novacap's final price of $10.30 in cash per share of Company Common Stock, and the Company Board's belief that IAS obtained the highest price and most favorable terms to which Novacap was willing to agree, and that further negotiations would create a risk of causing Novacap to abandon the transaction altogether.
|
|
•
|
Premium to trading price: The Company Board considered that the Merger consideration of $10.30 per share to be received by IAS stockholders in the Merger represents a significant premium over the market prices at which shares of Company Common Stock traded prior to the announcement of the execution of the Merger Agreement, including the fact that the Merger consideration of $10.30 represented a premium of approximately 22% over the closing price of shares of Company Common Stock on September 23, 2025, the last trading day prior to announcement of the execution of the Merger Agreement.
|
|
•
|
Cash consideration; Certainty of value: The Company Board considered the fact that the Merger consideration is all cash, which provides certainty and immediate liquidity and value to IAS stockholders, enabling IAS stockholders to realize the value that has been created at IAS while eliminating long-term business and execution risk.
|
|
•
|
Novacap's reputation: The Company Board considered the business reputation, experience and capabilities of Novacap and its investment team, and Novacap's strong track record of completing acquisitions.
|
|
•
|
Impact of intensifying competition in the ad-tech industry: The Company Board considered the intensifying competition that IAS faces from both established players and emerging ad verification technologies, coupled with the need for significant ongoing investment in AI-driven measurement, privacy compliance, and global scalability and the impact that these dynamics create on IAS's margins and operational complexity. The Company Board also considered the potential benefits of partnering with Novacap, including the ability to operate with greater agility and long-term focus as a private company, enabling IAS to navigate these challenges more effectively.
|
TABLE OF CONTENTS
|
•
|
Financial analysis and fairness opinion: The Company Board considered the financial analysis of the Per Share Price reviewed by representatives of Jefferies with the Company Board, as well as the opinion of Jefferies rendered to the Company Board on September 23, 2025, to the effect that, as of that date and based on and subject to the various assumptions made, procedures followed, matters considered and limitations and qualifications on the review undertaken as described in its opinion, the Per Share Price to be received by the holders of shares of Company Common Stock pursuant to the Merger Agreement was fair, from a financial point of view, to such holders (other than Parent, Merger Sub and their respective affiliates), as more fully described below in the section entitled "The Merger-Opinion of Jefferies LLC" and which full text of the written opinion is attached as Annex B to this information statement and is incorporated by reference in this information statement in its entirety.
|
|
•
|
Merger Agreement: The Company Board considered, in consultation with its outside legal counsel, the terms of the Merger Agreement, which were the product of arm's-length negotiations and contained terms and conditions that were, in the Company Board's view, advisable and favorable to IAS and its stockholders, including:
|
|
•
|
the representations, warranties and covenants of the parties, the conditions to the parties' obligations to complete the Merger and their ability to terminate the Merger Agreement;
|
|
•
|
the limited number and nature of the conditions to Novacap's obligation to consummate the Merger;
|
|
•
|
the fact that the definition of "Company Material Adverse Effect" has a number of customary exceptions and is generally a very high standard applied by courts;
|
|
•
|
the fact that IAS has sufficient operating flexibility to conduct its business in the ordinary course between execution of the Merger Agreement and consummation of the Merger; and
|
|
•
|
the requirement that the parties use their respective reasonable best efforts to complete the transactions contemplated by the Merger Agreement subject to certain specified limitations, including to obtain all necessary governmental approvals as promptly as reasonably practicable.
|
|
•
|
Likelihood of consummation: The Company Board considered the likelihood that the Merger would be completed, in light of, among other things, the conditions to the Merger, the absence of a financing condition, the covenants by the parties to use their respective reasonable best efforts to obtain all necessary governmental approvals and the likelihood of obtaining required regulatory approvals for a transaction with Novacap prior to the Termination Date (as defined in "The Merger Agreement-Termination of the Merger Agreement" beginning on page 71).
|
|
•
|
Financing: The Company Board considered Parent's and Merger Sub's representations and covenants contained in the Merger Agreement relating to the delivery by Parent of a debt commitment letter and an equity commitment letter from certain investment funds advised by Novacap (and the terms and conditions thereof) and that the Merger is not subject to a financing condition. Further, the Company Board considered that under specified circumstances, the Merger Agreement permits IAS to seek specific performance against Parent and Merger Sub with respect to the financing commitments, including under IAS's third-party beneficiary rights pursuant to the equity commitment letter provided by certain investment funds advised by Novacap.
|
|
•
|
Consenting Stockholders: The Company Board considered the fact that it had the support of the Consenting Stockholders, which as of September 24, 2025, controlled approximately 52.6% of the aggregate voting power of the then issued and outstanding shares of Company Common Stock, and which will be receiving the same form and amount of Merger consideration per share for their respective shares of Company Common Stock as all other IAS stockholders under the Merger Agreement.
|
|
•
|
Support Agreement: The fact that Vista and certain investment funds affiliated with Vista (the "Vista Holders"), holders of approximately 40.0% of the Company Common Stock in the aggregate, agreed to enter into a voting and support agreement to, among other things, vote or execute consents with respect
|
TABLE OF CONTENTS
|
•
|
Appraisal rights: The Company Board considered the fact that appraisal rights are available to IAS stockholders who properly exercise their statutory rights under Section 262 of the DGCL (see the section entitled "Appraisal Rights" beginning on page 76).
|
|
•
|
Participation in future gains: The Company Board considered the fact that following the completion of the Merger, IAS will no longer exist as a standalone public company and that IAS's existing stockholders will not be able to participate in any future earnings or growth of IAS, or in any future appreciation in value of shares of Company Common Stock.
|
|
•
|
Risks associated with announcement of the Merger: The Company Board considered the possibility of disruption to IAS's business that could result from the announcement of the Merger on IAS's operations, stock price, business ventures, employees, customers, suppliers and other business partners and the resulting distraction of management's attention from day-to-day operations of the business and its ability to attract and retain key employees during the pendency of the Merger.
|
|
•
|
Risks associated with a failure to consummate the Merger: The Company Board considered the fact that, while the Merger is expected to be completed, there are no assurances that all conditions to the parties' obligations to complete the Merger will be satisfied or waived, and as a result, it is possible that the Merger may not be completed, as described in the section entitled "The Merger Agreement-Conditions to Consummation of the Merger" beginning on page 69. The Company Board noted the fact that, if the Merger is not completed, (i) IAS will have incurred significant risk, transaction expenses and opportunity costs, including the possibility of disruption to its operations, diversion of management and employee attention and a potentially negative effect on its business and client relationships, (ii) depending on the circumstances that caused the Merger not to be completed, it is likely that the trading price of Company Common Stock will decline, potentially significantly and (iii) the market's perception of IAS's prospects could be adversely affected.
|
|
•
|
Restrictions on the operation of IAS's business: The Company Board considered the fact that, although IAS will continue to exercise control over its operations prior to the Closing, the Merger Agreement prohibits IAS from taking a number of actions relating to the conduct of its business prior to the Closing without the prior written consent of Parent, which may delay or prevent IAS from undertaking business opportunities that may arise during the pendency of the Merger, whether or not the Merger is completed.
|
|
•
|
Limitation on competing bids: The Company Board considered the fact that given the expectation that the Written Consent would be delivered immediately following the execution of the Merger Agreement, there was effectively no path for a third party to submit an Acquisition Proposal following announcement of the Merger Agreement.
|
|
•
|
Termination Fee / Written Consent: The Company Board considered the fact that the Merger Agreement included a provision permitting Parent to terminate the Merger Agreement if the Consenting Stockholders failed to execute and deliver the Written Consent within 24 hours following the execution of the Merger Agreement, and the obligation, in certain circumstances, for IAS to pay Novacap $52,500,000 upon the termination of the Merger Agreement.
|
|
•
|
Tax treatment: The Company Board considered the fact that any gains arising from the receipt of the Merger Consideration would generally be taxable to IAS stockholders for United States federal income tax purposes.
|
|
•
|
Stockholder litigation: The Company Board considered the risk of litigation arising from stockholders in respect of the Merger Agreement or transactions contemplated by the Merger Agreement.
|
TABLE OF CONTENTS
TABLE OF CONTENTS
|
•
|
reviewed a draft dated September 23, 2025 of the Merger Agreement;
|
|
•
|
reviewed certain publicly available financial and other information about IAS;
|
|
•
|
reviewed certain information furnished to Jefferies and approved for Jefferies' use by IAS's management, including financial forecasts and analyses, relating to the business, operations and prospects of IAS (the "IAS Forecasts");
|
|
•
|
held discussions with members of senior management of IAS concerning the matters described in the second and third bullets above;
|
|
•
|
reviewed the share trading price history and valuation multiples for the Company Common Stock and compared them with those of certain publicly traded companies that Jefferies deemed relevant;
|
|
•
|
compared the proposed financial terms of the Merger with the financial terms of certain other transactions that Jefferies deemed relevant; and
|
|
•
|
conducted such other financial studies, analyses and investigations as Jefferies deemed appropriate.
|
TABLE OF CONTENTS
TABLE OF CONTENTS
|
•
|
Criteo S.A.
|
|
•
|
DoubleVerify Holdings, Inc.
|
|
•
|
LiveRamp Holdings, Inc.
|
|
•
|
Magnite, Inc.
|
|
•
|
PubMatic, Inc.
|
|
•
|
Taboola.com Ltd.
|
|
•
|
Viant Technology Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Metric
|
|
|
Low
|
|
|
Median
|
|
|
High
|
|
|
|
EV / CY 2025E Adjusted EBITDA
|
|
|
2.9x
|
|
|
8.1x
|
|
|
17.5x
|
|
|
|
EV / CY 2026E Adjusted EBITDA
|
|
|
2.9x
|
|
|
7.2x
|
|
|
15.4x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
|
|
|
Financial Metric
|
|
|
Selected Multiple Range
|
|
|
Implied Per Share Equity Value
Reference Range
|
|
|
|
EV / CY 2025E Adjusted EBITDA
|
|
|
7.0x - 10.0x
|
|
|
$8.83 - $12.31
|
|
|
|
EV / CY 2026E Adjusted EBITDA
|
|
|
6.0x - 8.0x
|
|
|
$9.16 - $11.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Announcement Date
|
|
|
Target
|
|
|
Acquiror
|
|
|
|
November 21, 2024
|
|
|
Innovid Corp.
|
|
|
MediaOcean
|
|
|
|
October 8, 2024
|
|
|
LiveIntent
|
|
|
Zeta Global Holdings Corp.
|
|
|
|
August 1, 2024
|
|
|
Teads
|
|
|
Outbrain Inc.
|
|
|
|
June 18, 2024
|
|
|
Jun Group
|
|
|
Verve Group
|
|
|
|
April 1, 2024
|
|
|
AdTheorent Holding Company, Inc.
|
|
|
Cadent, LLC
|
|
|
|
March 29, 2022
|
|
|
Nielsen Holdings plc
|
|
|
Evergreen Coast Capital Corporation
|
|
|
|
November 1, 2020
|
|
|
Nielsen Holdings plc
(Global Connect Business)
|
|
|
Advent International
|
|
|
|
September 4, 2017
|
|
|
YuMe, Inc.
|
|
|
RhythmOne plc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Metric
|
|
|
25th
Percentile
|
|
|
Median
|
|
|
75th
Percentile
|
|
|
|
EV / LTM Adjusted EBITDA
|
|
|
6.3x
|
|
|
9.2x
|
|
|
14.9x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
|
|
|
Financial Metric
|
|
|
Selected Multiple Range
|
|
|
Implied Per Share Equity Value
Reference Range
|
|
|
|
EV / LTM Adjusted EBITDA
|
|
|
7.5x - 11.5x
|
|
|
$9.11 - $13.59
|
|
|
|
|
|
|
|
|
|
|
|
TABLE OF CONTENTS
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in millions)
|
|
|
2024E
|
|
|
2025E
|
|
|
2026E
|
|
|
2027E
|
|
Total Revenue
|
|
|
$526
|
|
|
$627
|
|
|
$732
|
|
|
$847
|
|
Gross Profit
|
|
|
$417
|
|
|
$485
|
|
|
$566
|
|
|
$658
|
|
Adjusted EBITDA(1)
|
|
|
$187
|
|
|
$223
|
|
|
$276
|
|
|
$335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Adjusted EBITDA is a non-GAAP financial measure. Adjusted EBITDA is defined as income before depreciation and amortization, stock-based compensation, interest (income) expense, income taxes, acquisition, restructuring and integration costs, foreign exchange (gain) loss, net, asset impairments, and other one-time, non-recurring costs.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in millions)
|
|
|
2024E
|
|
|
2025E
|
|
|
2026E
|
|
|
2027E
|
|
Total Revenue
|
|
|
$530
|
|
|
$610
|
|
|
$713
|
|
|
$842
|
|
Gross Profit
|
|
|
$422
|
|
|
$480
|
|
|
$560
|
|
|
$661
|
|
Adjusted EBITDA(1)
|
|
|
$191
|
|
|
$217
|
|
|
$263
|
|
|
$322
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Adjusted EBITDA is a non-GAAP financial measure. Adjusted EBITDA is defined as income before depreciation and amortization, stock-based compensation, interest (income) expense, income taxes, acquisition, restructuring and integration costs, foreign exchange (gain) loss, net, asset impairments, and other one-time, non-recurring costs.
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in millions)
|
|
|
2025E
|
|
|
2026E
|
|
|
2027E
|
|
|
2028E
|
|
|
2029E
|
|
Total Revenue
|
|
|
$610
|
|
|
$713
|
|
|
$842
|
|
|
$930
|
|
|
$1,009
|
|
Gross Profit
|
|
|
$480
|
|
|
$560
|
|
|
$661
|
|
|
$730
|
|
|
$792
|
|
Adjusted EBITDA(1)
|
|
|
$217
|
|
|
$263
|
|
|
$322
|
|
|
$340
|
|
|
$358
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Adjusted EBITDA is a non-GAAP financial measure. Adjusted EBITDA is defined as income before depreciation and amortization, stock-based compensation, interest (income) expense, income taxes, acquisition, restructuring and integration costs, foreign exchange (gain) loss, net, asset impairments, and other one-time, non-recurring costs.
|
TABLE OF CONTENTS
|
•
|
the relevant price per share of Company Common Stock is $10.30, which is the Per Share Price;
|
|
•
|
the Effective Time as referenced in this section occurs on October 23, 2025, which is the assumed date of the Effective Time solely for purposes of the disclosure in this section (the "Assumed Closing Date"); and
|
|
•
|
the service of each executive officer of IAS was terminated in a severance-qualifying termination on the Assumed Closing date and immediately following the Effective Time, and each executive officer will have complied with all requirements necessary to receive any severance benefits.
|
TABLE OF CONTENTS
|
•
|
a cash payment equal to 12 months of the executive officer's then-current base salary plus target bonus amount (or, in the case of Ms. Utzschneider, a cash payment equal to 18 months of her then-current base salary plus 1.5 times her target bonus amount);
|
|
•
|
a prorated annual bonus for the year of termination; and
|
|
•
|
reimbursement of the employer's portion of the Consolidated Omnibus Budget Reconciliation Act ("COBRA") premiums, at the same cost applicable to active IAS employees, for the duration of the applicable severance period.
|
TABLE OF CONTENTS
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Named Executive Officer
|
|
|
Cash(1)
|
|
|
Equity(2)
|
|
|
Perquisites /
Benefits(3)
|
|
|
Total
|
|
Lisa Utzschneider (Chief Executive Officer)
|
|
|
$6,322,449
|
|
|
$22,635,275
|
|
|
$45,545
|
|
|
$29,003,269
|
|
Alpana Wegner (Chief Financial Officer)
|
|
|
$1,784,932
|
|
|
$1,352,593
|
|
|
$27,998
|
|
|
$3,165,523
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Amounts shown reflect (a) the cash retention bonus to be received by the named executive officer, as described above in the section entitled "-Retention Bonuses," and (b) the cash severance payments provided under the Executive Severance Plan as described above in the section entitled "-IAS Executive Severance Plan." The retention bonus amounts included in this column include both "single-trigger" and "double-trigger" components: a portion is payable upon the Effective Time, and, for Ms. Utzschneider only, the remainder becomes payable upon a CIC Termination following the Effective Time. For Ms. Wegner, upon a termination of employment for any or no reason, following the Effective Time, the unpaid portion of the retention bonus will be forfeited. The cash severance amounts included in this column are considered to be "double-trigger" payments, which means that both a change in control of IAS, such as the Merger, and a CIC Termination must occur.
|
|
|
|
|
|
|
|
|
|
|
|
|
Named Executive Officer
|
|
|
Single-Trigger
Retention
Bonus
|
|
|
Double-Trigger
Retention
Bonus
|
|
|
Total
Retention
Bonus
|
|
Lisa Utzschneider
|
|
|
$1,333,600
|
|
|
$2,666,400
|
|
|
$4,000,000
|
|
Alpana Wegner
|
|
|
$200,000
|
|
|
$-
|
|
|
$600,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Named Executive Officer
|
|
|
Base Salary
Severance
|
|
|
Target
Annual Bonus
Severance
|
|
|
Pro Rata
Annual Bonus
Severance
|
|
|
Total Cash
Severance
|
|
Lisa Utzschneider
|
|
|
$862,500
|
|
|
$948,750
|
|
|
$511,199
|
|
|
$2,322,499
|
|
Alpana Wegner
|
|
|
$500,000
|
|
|
$500,000
|
|
|
$184,932
|
|
|
$1,184,932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Amounts shown represent the aggregate potential value each named executive officer could receive in connection with the accelerated vesting and settlement of Company Options and Company MSUs (with the payout factor applicable to such Company MSU determined based on the Per Share Price) and, for Ms. Wegner only, the accelerated vesting of 25% of the 525,279 Company RSUs granted to her on July 1, 2025, subject to her continued service through the Effective Time. The amounts attributable to Company MSUs constitute "double-trigger" benefits, requiring both a change in control of IAS (such as the Merger) and a CIC Termination. The accelerated vesting of Company Options and Ms. Wegner's Company RSUs is a "single-trigger" benefit that occurs automatically upon consummation of the Merger.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Named Executive Officer
|
|
|
Company Options
(Single Trigger)
|
|
|
Company RSUs
(Single Trigger)
|
|
|
Company MSUs
(Converted Cash
Awards)
(Double Trigger)
|
|
|
Company MSUs
(Replacement
Company
MSU Awards)
(Double Trigger)
|
|
|
Total
|
|
Lisa Utzschneider
|
|
|
$6,330,389
|
|
|
$-
|
|
|
$8,152,443
|
|
|
$8,152,443
|
|
|
$22,635,275
|
|
Alpana Wegner
|
|
|
$-
|
|
|
$1,352,593
|
|
|
$-
|
|
|
$-
|
|
|
$1,352,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
Amounts shown reflect payment by IAS of COBRA premiums for a period up to the applicable severance period. The amounts included in this column are "double-trigger," which means that both a change in control of IAS, such as the Merger, and a CIC Termination must occur.
|
TABLE OF CONTENTS
|
•
|
a citizen or individual resident of the United States;
|
|
•
|
a corporation (or other entity or arrangement treated as a corporation for United States federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia;
|
|
•
|
an estate, the income of which is subject to United States federal income tax regardless of its source; or
|
|
•
|
a trust if (i) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons have the authority to control all substantial decisions of the trust, or (ii) the trust has a valid election in effect under applicable United States Treasury Regulations to be treated as a United States person.
|
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
|
•
|
the organization and good standing of IAS;
|
|
•
|
the corporate power and authority to enter into and to perform its obligations under the Merger Agreement and to complete the transactions contemplated thereby, and the enforceability and due execution and delivery of the Merger Agreement;
|
|
•
|
absence of conflicts with the parties' governing documents, applicable laws and contracts;
|
|
•
|
approval by the Company Board and receipt of a fairness opinion from Jefferies;
|
|
•
|
the Written Consent;
|
|
•
|
non-contravention;
|
|
•
|
required regulatory filings and authorizations, consents or approvals of governmental authorities;
|
|
•
|
the capitalization of IAS;
|
|
•
|
ownership of IAS's subsidiaries;
|
|
•
|
IAS's SEC filings;
|
|
•
|
the financial statements of IAS and IAS's internal system of disclosure controls and procedures concerning financial reporting;
|
|
•
|
the absence of certain undisclosed liabilities;
|
|
•
|
the absence of certain changes, events and developments since June 30, 2025;
|
|
•
|
certain material contracts of IAS and its subsidiaries;
|
|
•
|
certain customers, partners and suppliers of IAS and its subsidiaries;
|
|
•
|
real property owned or leased by IAS and its subsidiaries;
|
|
•
|
compliance with environmental laws by IAS and its subsidiaries and other environmental matters;
|
|
•
|
ownership of or rights with respect to the intellectual property of IAS and its subsidiaries;
|
|
•
|
data privacy matters;
|
|
•
|
the payment of taxes, the filing of tax returns and other tax matters related to IAS and its subsidiaries;
|
|
•
|
compensation and benefits plans, agreements and arrangements with or concerning employees of IAS and its subsidiaries;
|
|
•
|
compliance with laws related to labor by IAS and its subsidiaries;
|
|
•
|
compliance with applicable laws by IAS and its subsidiaries;
|
|
•
|
certain legal proceedings of IAS and its subsidiaries;
|
|
•
|
certain matters related to the insurance policies and arrangements of IAS and its subsidiaries;
|
|
•
|
compliance with anti-corruption laws by IAS and its subsidiaries;
|
|
•
|
IAS not being a "TID U.S. business";
|
|
•
|
neither IAS nor any of its subsidiaries being a "covered foreign person";
|
|
•
|
other than Jefferies, brokers of IAS and its subsidiaries;
|
|
•
|
affiliated party transactions of IAS and its subsidiaries; and
|
|
•
|
the acknowledgment that there are no further representations and warranties made by or on behalf of IAS, other than in the Merger Agreement or in any certificate delivered in connection therewith.
|
TABLE OF CONTENTS
|
•
|
the organization and good standing of each of Parent and Merger Sub;
|
|
•
|
the corporate power and authority of each of Parent and Merger Sub to enter into and to perform its obligations under the Merger Agreement and to complete the transactions contemplated thereby, and the enforceability and due execution and delivery of the Merger Agreement;
|
|
•
|
the absence of certain breaches, violations, defaults or consent requirements under certain contracts, organizational documents and laws, in each case arising out of the execution and delivery of the Merger Agreement and the performance and consummation of the transactions contemplated thereby;
|
|
•
|
required regulatory filings and authorizations, consents or approvals of governmental authorities;
|
|
•
|
the absence of legal proceedings or orders of each of Parent and Merger Sub;
|
|
•
|
the absence of ownership of Company Common Stock;
|
|
•
|
the absence of brokers of Parent, Merger Sub, and their affiliates;
|
|
•
|
the absence of operations of each of Parent and Merger Sub other than as contemplated by the Merger Agreement;
|
|
•
|
the lack of requirement for a vote or approval of the stockholders of Parent in connection with the transactions contemplated by the Merger Agreement;
|
|
•
|
the delivery of the Limited Guarantee by Parent;
|
|
•
|
execution, validity and sufficiency of the equity commitment letters, and debt commitment letters to provide funds to consummate the Merger;
|
|
•
|
stockholder and management arrangements;
|
|
•
|
solvency of the Surviving Corporation and its subsidiaries;
|
|
•
|
the accuracy of information supplied by Parent and Merger Sub to be included in this information statement; and
|
|
•
|
the acknowledgment that there are no further representations and warranties made by or on behalf of Parent and Merger Sub other than in the Merger Agreement or in any certificate delivered in connection therewith.
|
|
•
|
any general economic conditions, or conditions in the global, international or regional economy generally, including general changes in inflation, supply chain disruptions, and labor shortages;
|
|
•
|
any conditions in the equity, credit, debt, financial, currency or capital markets generally, including (A) changes in interest rates or credit ratings; (B) changes in exchange rates for the currencies of any country; or (C) any suspension of trading in securities (whether equity, debt, derivative or hybrid securities) generally on any securities exchange or over-the-counter market;
|
TABLE OF CONTENTS
|
•
|
any conditions generally affecting the industries in which IAS and its subsidiaries conduct business or in any jurisdiction or geographical area in which IAS or any of its subsidiaries conducts business, or changes therein;
|
|
•
|
any political or geopolitical conditions, outbreak of hostilities, armed conflicts, acts of war (whether or not declared), rebellion, insurrection, sabotage, widespread cyberattack or widespread cyberterrorism that is not specifically targeted at IAS and its subsidiaries (solely to the extent not arising out of IAS's and its subsidiaries' vulnerabilities or failure to have in place appropriate safeguards to protect against any such cyberattack or cyberterrorism), terrorism or military actions, including any escalation or worsening of, or any law or sanction, mandate or directive enacted by a governmental authority in response to, the foregoing or any threats thereof, in each case, in the United States or any other country or region in the world;
|
|
•
|
earthquakes, volcanic activity, hurricanes, tsunamis, tornadoes, floods, mudslides, wildfires, nuclear incidents, foreign or domestic social protest or social unrest (whether or not violent) or other natural or man-made disasters, weather conditions, power outages or electrical black-outs, and other force majeure events, including any escalation or worsening of, or any law or sanction, mandate or directive by a governmental authority in response to, any of the foregoing, in each case, in the United States or any other country or region in the world or any actual or potential sequester, stoppage, shutdown, default or similar event or occurrence of any governmental authority, including any shutdown or furlough of the U.S. federal government or its employees or any impact associated with the U.S. federal government's "debt ceiling";
|
|
•
|
the announcement of the Merger Agreement or the pendency of the Merger, including the impact thereof on the relationships, contractual or otherwise, of IAS and its subsidiaries with customers, suppliers, vendors, lenders, lessors, business or joint venture partners, employees (including any employee attrition), regulators, governmental authorities or any other third person (subject to certain exceptions outlined in the Merger Agreement), or the identity of, or any facts or circumstances relating to, the parties to the Limited Guarantee, Parent, Merger Sub or the respective affiliates of the foregoing or the respective financing sources of or investors in the foregoing, with respect to IAS or its business;
|
|
•
|
the compliance by any party with the express terms of the Merger Agreement, including any action taken or refrained from being taken pursuant to or in accordance with the express terms of the Merger Agreement;
|
|
•
|
any action taken or refrained from being taken, in each case which Parent has approved or consented to in writing;
|
|
•
|
any changes or proposed changes in U.S. generally accepted accounting principles ("GAAP") or other applicable accounting standards, or in any applicable laws (or the enforcement or interpretation of any of the foregoing) after the date of the Merger Agreement or in any regulatory or legislative conditions, including the adoption, implementation, repeal, modification, reinterpretation or proposal of any law, regulation or policy (or the enforcement or interpretation thereof) by any governmental authority, or any panel or advisory body empowered or appointed thereby;
|
|
•
|
any epidemics, pandemics, plagues, other outbreaks of illness or public health events (including quarantine restrictions and other health and safety measures mandated or recommended by any governmental authority in response to any of the foregoing), including any escalation or worsening of any of the foregoing, in each case, in the United States or any other country or region in the world;
|
|
•
|
any anti-dumping actions, international tariffs, sanctions, trade policies or disputes or any "trade war" or similar actions in the United States or any other country or region in the world;
|
|
•
|
any changes, in and of themselves, in the price or trading volume of Company Common Stock or to IAS's credit ratings (it being understood that the underlying cause of such change may be taken into consideration when determining whether a Company Material Adverse Effect has occurred to the extent not otherwise excluded hereunder);
|
|
•
|
any failure, in and of itself, by IAS and its subsidiaries to meet (A) any internal or public estimates or expectations of IAS's revenue, earnings or other financial performance or results of operations for any
|
TABLE OF CONTENTS
|
•
|
the availability or cost of equity, debt or other financing to Parent or Merger Sub or their respective affiliates (it being understood that the underlying cause of any such availability or cost may be taken into consideration when determining whether a Company Material Adverse Effect has occurred to the extent not otherwise excluded hereunder); and
|
|
•
|
any transaction litigation or any demand or legal proceeding for appraisal of the fair value of any shares of Company Common Stock pursuant to the DGCL in connection herewith;
|
|
•
|
amend, repeal, or otherwise modify any provision of the organizational documents of IAS or any of its subsidiaries, except for immaterial amendments that are ministerial in nature;
|
|
•
|
propose or adopt a plan of complete or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or other reorganization;
|
|
•
|
issue, sell, deliver or agree or commit to issue, sell or deliver any securities of the Company, except (i) as set forth in the confidential disclosure letter, or (ii) upon the vesting, exercise or settlement of certain equity awards outstanding on the date of the Merger Agreement and pursuant to their terms as in effect on the date of the Merger Agreement or granted thereafter in accordance with the terms of the Merger Agreement;
|
|
•
|
except for transactions solely among IAS and its subsidiaries or solely among the subsidiaries of IAS, reclassify, split, combine, subdivide or redeem, repurchase, purchase or otherwise acquire or amend the terms of, directly or indirectly, any of its capital stock or other equity or voting interest, other than with
|
TABLE OF CONTENTS
|
•
|
(i) declare, set aside or pay any dividend or other distribution (whether in cash, shares or property or any combination thereof) in respect of any shares of capital stock or other equity or voting interest, except for cash dividends or distributions paid by any wholly owned subsidiary of IAS to IAS or to another wholly owned subsidiary of IAS, solely to the extent in the ordinary course of business, or (ii) pledge or encumber any shares of its capital stock or other equity or voting interest;
|
|
•
|
incur, assume, endorse, guarantee, or otherwise become liable for any indebtedness for borrowed money, except (i) revolving borrowings under IAS's credit facilities as in effect on the date of the Merger Agreement in a manner consistent with past practices, (ii) guarantees or credit support provided by IAS or any of its subsidiaries of the obligations of IAS or any of its subsidiaries to the extent such indebtedness is in existence on the date of the Merger Agreement or incurred in compliance with the Merger Agreement, (iii) performance bonds and surety bonds entered into in the ordinary course of business and (iv) any indebtedness among IAS and its wholly owned subsidiaries or among IAS's wholly owned subsidiaries;
|
|
•
|
grant or permit to exist, any lien (other than permitted liens) on any material assets or properties of IAS and its subsidiaries;
|
|
•
|
other than as required by any employee benefit plan or as explicitly contemplated pursuant to the Merger Agreement: (i) other than in connection with ordinary course renewals of group health and welfare plans that are made in the ordinary course of business and do not materially increase the cost to IAS and its subsidiaries, enter into, establish, adopt, amend or modify, or terminate any employee benefit plan; (ii) grant, amend or terminate any awards under any employee benefit plans; (iii) accelerate the vesting under any of the employee benefit plans; (iv) increase the compensation or employee benefits of any IAS service provider; (v) terminate without "cause" (as determined consistent with past practice) any IAS service provider, other than terminations in the ordinary course of business consistent with past practice of IAS service providers below the level of senior vice president; (vi) hire or engage any IAS service provider, other than new hires made in the ordinary course of business consistent with past practice of IAS service providers who are employed at a level below senior vice president; (vii) make or forgive any loan to any IAS service provider (other than advancement of expense in the ordinary course of business consistent with past practices); (viii) recognize or certify any labor union, works council, bargaining representative or any other similar organization as the bargaining representative for any employee of IAS or its subsidiaries, or otherwise enter into any collective bargaining agreement or other similar agreement (or enter into negotiations relating thereto); (ix) implement or announce any mass employee layoffs, furloughs, reductions in force, or similar actions, in each case, that would trigger notice requirements under the United States Worker Adjustment and Retraining Notification Act of 1988 ("WARN") or any similar applicable law, or otherwise effectuate a "plant closing" or "mass layoff" as defined by WARN; or (x) affirmatively waive or release any noncompetition, nonsolicitation, nondisclosure, nondisparagement or similar restrictive obligation of any IAS service provider;
|
|
•
|
settle, release, waive or compromise any pending or threatened legal proceeding for an amount in excess of $1,000,000 individually or $2,000,000 in the aggregate other than (x) settlements of any legal proceedings for an amount not in excess of the amount, if any, reflected or reserved in the balance sheet (or the notes thereto) of IAS filed with IAS's quarterly report on Form 10-Q for IAS's fiscal quarter ending June 30, 2025, so long as any such settlement, release, waiver or compromise (A) is solely for monetary amounts, (B) does not involve any injunctive or equitable relief and (C) does not contain any admission of wrongdoing or any violation of law by IAS or any of its subsidiaries, or (y) any settlement of transaction litigation in compliance with the Merger Agreement;
|
|
•
|
materially change IAS's or its subsidiaries' methods, principles or practices of financial accounting, except as required by GAAP, Regulation S-X of the Exchange Act (or any interpretation thereof), or by any governmental authority or applicable law;
|
TABLE OF CONTENTS
|
•
|
make (except as consistent with past practices), change or revoke any material tax election, change any annual tax accounting period or change any method of tax accounting (except, in each case, as required by GAAP), amend any material tax return (except as required by law), enter into any closing agreement within the meaning of Section 7121 of the Code (or any similar provision of state, local or non-U.S. law), enter into any tax allocation agreement, tax-sharing agreement, pre-filing or advance pricing agreement, or tax indemnity agreement (in each case, other than agreements the primary purpose of which does not relate to taxes or is solely between IAS and its subsidiaries), consent to any extension or waiver of the limitation period applicable to any material tax claim or assessment other than those automatically granted by operation of law, or settle or compromise any material tax liability or claim for material tax refund or fail to pay any material tax when due;
|
|
•
|
incur any capital expenditures (which, for the avoidance of doubt, shall not include any capitalized expenses for internal use software) other than (i) as set forth in the confidential disclosure letter; (ii) expenditures that do not exceed $1,000,000 individually or $2,000,000 in the aggregate; or (iii) pursuant to obligations imposed by any contract in effect as of the date of the Merger Agreement and made available to Parent;
|
|
•
|
enter into, amend or waive in any material respect or terminate (other than any material contract that has expired in accordance with its terms) any material contract except in the ordinary course of business;
|
|
•
|
acquire any division, assets, properties, businesses or equity securities in (or otherwise make an investment in) any person (including by merger, consolidation or acquisition of stock or assets), other than (i) in or from any subsidiary of IAS, (ii) assets in the ordinary course of business or (iii) that do not exceed $2,500,000 in aggregate consideration;
|
|
•
|
sell, assign, transfer, or otherwise dispose of, any of IAS's or its subsidiaries' material properties, assets or rights, other than IAS intellectual property and other than such sales, assignments, transfers or other dispositions that (i) are in the ordinary course of business or (ii) do not have a purchase price that exceeds $2,500,000 in the aggregate;
|
|
•
|
engage in any transaction with, or enter into any agreement, arrangement or understanding with, any affiliate of IAS or other person covered by Item 404 of Regulation S-K promulgated by the SEC that would be required to be disclosed thereby;
|
|
•
|
sell, assign, license, sublicense, grant, pledge, encumber, otherwise dispose of, surrender, abandon, allow to lapse, invalidate, permit to be dedicated to the public domain or transfer of any material IAS intellectual property, other than non-exclusive licenses granted in the ordinary course of business or the expiration of intellectual property at the end of the non-extendable applicable statutory term; or
|
|
•
|
agree, resolve or commit to take any of the foregoing actions.
|
TABLE OF CONTENTS
|
•
|
solicit, initiate, propose or knowingly induce the making, submission or announcement of, or knowingly encourage, facilitate or assist, any proposal or offer that constitutes or is reasonably expected to lead to an Acquisition Proposal;
|
|
•
|
furnish to any person (other than Parent, Merger Sub or their designees) any nonpublic information relating to IAS or its subsidiaries or afford to any person access to the business, properties, assets, books, records or personnel of IAS or any of its subsidiaries with the intent to, or in a manner which could be reasonably expected to induce the making, submission or announcement of, or to knowingly encourage or knowingly facilitate an Acquisition Proposal;
|
|
•
|
participate or engage in discussions or negotiations with any person (other than Parent, Merger Sub or any of their designees) with respect to an Acquisition Proposal in each case, other than solely
|
TABLE OF CONTENTS
|
•
|
approve, endorse or recommend an Acquisition Proposal; or
|
|
•
|
enter into any letter of intent, memorandum of understanding, merger agreement, acquisition agreement or any other agreement or contract relating to an Acquisition Proposal, other than certain acceptable confidentiality agreements.
|
|
•
|
any direct or indirect purchase or other acquisition by any person or group, whether from IAS or any other person, of more than 20% of the outstanding Company Common Stock after giving effect to the consummation of such purchase or other acquisition, including pursuant to a tender offer or exchange offer by any person or group that, if consummated in accordance with its terms, would result in such third party beneficially owning more than 20% of Company Common Stock outstanding after giving effect to the consummation of such tender or exchange offer;
|
|
•
|
any direct or indirect purchase or other acquisition (including by exclusive license) by any person or group of more than 20% of the consolidated assets, net revenue or net income of IAS and its subsidiaries taken as a whole (based on the fair market value thereof as determined in good faith by the Company Board), including the capital stock or other equity or voting interests in any of IAS's subsidiaries;
|
|
•
|
any direct or indirect merger, consolidation, business combination, joint venture, partnership, share exchange, recapitalization, reorganization, liquidation, dissolution or other transaction involving IAS or any of its subsidiaries pursuant to which any person or group, or stockholders of such person or group would hold, directly or indirectly, more than 20% of the equity interests of the surviving or resulting entity of such transaction after giving effect to the consummation of such transaction; or
|
|
•
|
any combination of the foregoing.
|
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
|
•
|
provide Parent with prompt written notice of all transaction litigation and keep Parent reasonably informed with respect to the status thereof. Parent will have the right to participate in (but not control) the defense, settlement or prosecution of any transaction litigation; and IAS shall reasonably consult with Parent with respect to the defense, settlement and prosecution of any transaction litigation. IAS may not compromise or settle any transaction litigation unless Parent has consented thereto in writing (which consent will not be unreasonably withheld, conditioned or delayed);
|
|
•
|
cooperate with Parent and use its reasonable best efforts to take, or cause to be taken, all actions, and do or cause to be done all things reasonably necessary, proper or advisable on its part under applicable laws and the rules and policies of the Nasdaq to cause the de-listing by IAS of the Company Common Stock from the Nasdaq as promptly as practicable after the Effective Time and the deregistration of the Company Common Stock under the Exchange Act as promptly as practicable after such de-listing;
|
|
•
|
prior to communicating or distributing any broad-based communications to any continuing employees or holders of Company Options, Company RSUs or Company MSUs, that relate to the continuing employees' employment or compensation following the Closing (including to the extent related to the application of the covenants contained in Section 6.10 of the Merger Agreement), or the treatment of Company Options, Company RSUs or Company MSUs, provide such communication to Parent for Parent's prior review and shall incorporate any reasonable comments provided by Parent;
|
|
•
|
be permitted to take all steps as may be reasonably necessary or advisable to cause any dispositions of equity interests of IAS (including derivative securities) in connection with the Merger by each individual who is a director or executive officer of the Company, to be exempt under Rule 16b-3 promulgated under the Exchange Act; and
|
|
•
|
as promptly as practicable after (and in any event within 20 business days of) the date of the Merger Agreement, prepare and file with the SEC this information statement and, shall use its reasonable best efforts to, as promptly as reasonably practicable after the first to occur of (i) confirmation from the SEC that it has no further comments on this information statement; (ii) confirmation from the SEC that the information statement is otherwise not to be reviewed; or (iii) the expiration of the 10-day period after filing in the event the SEC does not review the information statement, cause this information statement to be disseminated to its stockholders.
|
|
•
|
the affirmative vote of the holders of a majority of the outstanding shares of Company Common Stock having been obtained (which was satisfied on September 24, 2025 pursuant to the delivery of the Written Consent);
|
|
•
|
expiry or termination of the applicable waiting period pursuant to the HSR Act, and the approval, clearance or expiration of any waiting periods pursuant to foreign direct investment and ex-U.S. merger control and antitrust laws applicable to the transactions;
|
|
•
|
no law, injunction or order (whether temporary, preliminary or permanent) by any governmental authority of competent jurisdiction prohibiting, enjoining or otherwise making illegal the consummation of the Merger or the other transactions contemplated by the Merger Agreement has been enacted, entered, or promulgated with continuing effect; and
|
TABLE OF CONTENTS
|
•
|
this information statement shall have been mailed to IAS stockholders at least 20 days prior to the Closing date and the consummation of the Merger shall be permitted by Regulation 14C of the Exchange Act (including Rule 14c-2 promulgated under the Exchange Act).
|
|
•
|
(i) the representations and warranties of IAS relating to its corporate existence and power, corporate authorizations, the reservation for issuance of shares of Company Common Stock underlying IAS's equity awards, restrictions on transfer of IAS equity, arrangements or understandings relating to IAS's equity securities (including any binding commitments or obligations with respect thereto) and brokers' and finders' fees in each case, being true and correct in all material respects on the Closing date as if made on the Closing date (except to the extent that any such representation and warranty expressly speaks as of a specific date, in which case such representation and warranty shall be true and correct in all material respects only as of such specified date), (ii) the representations and warranties of IAS relating to its authorized capital stock and issued and outstanding capital stock, and IAS's other equity securities being true in all respects on the Closing date as if made on the Closing date (except to the extent that any such representation and warranty expressly speaks as of a specific date, in which case such representation and warranty shall be true and correct in all respects only as of such specified date), except for any inaccuracy in such representations and warranties relative to the total fully diluted equity capitalization of IAS as of the Closing date that do not result in an increase in the aggregate consideration otherwise payable by Parent in the Merger by more than a de minimis amount, (iii) the representation and warranty of IAS regarding no Company Material Adverse Effect being true and correct in all respects on the Closing date as if made on such date (except to the extent that any such representation and warranty expressly speaks as of a specific date, in which case such representation and warranty shall be true and correct only as of such specified date), and (iv) all other representations and warranties of IAS shall be true and correct (disregarding all qualifications or limitations as to "materiality," and "Company Material Adverse Effect" or words of similar import) on the Closing date as if made on the Closing date (except to the extent that any such representation and warranty expressly speaks as of a specific date, in which case such representation and warranty shall be true and correct only as of such specified date), except where the failure of such representations and warranties to be so true and correct would not, individually or in the aggregate, have a Company Material Adverse Effect;
|
|
•
|
IAS having performed and complied in all material respects with its covenants and obligations under the Merger Agreement that required to be performed or complied with at or prior to the Closing;
|
|
•
|
no Company Material Adverse Effect (as defined in "The Merger Agreement-Representations and Warranties" on page 57) has occurred since the date of the Merger Agreement; and
|
|
•
|
the receipt by Parent and Merger Sub of a certificate of a duly authorized executive officer of IAS, certifying that each of the conditions specified in the preceding three bullets have been satisfied.
|
|
•
|
the representations and warranties of Parent and Merger Sub contained in the Merger Agreement shall be true and correct (disregarding all qualifications or limitations as to "materiality," "Parent Material Adverse Effect" or words of similar import) as of the Closing date as if made on and as of such date (except to the extent that any such representation and warranty expressly speaks as of a specific date, in which case such representation and warranty shall be true and correct only as of such specified date), except where the failure of any such representations and warranties to be so true and correct would not, individually or in the aggregate, reasonably be expected to prevent, materially delay, or have a material adverse effect on the ability of Parent or Merger Sub to perform its obligations under the Merger Agreement or to consummate the transactions contemplated by the Merger Agreement (a "Parent Material Adverse Effect");
|
TABLE OF CONTENTS
|
•
|
Parent and Merger Sub having complied in all material respects with their covenants and obligations under the Merger Agreement required to be performed or complied with at or prior to the Closing; and
|
|
•
|
the receipt by IAS of a certificate of a duly authorized officer of Parent and Merger Sub, certifying that each of the conditions specified in the preceding two bullets have been satisfied.
|
|
•
|
at any time prior to the Effective Time (whether before or after receipt of the Written Consent) by mutual written agreement of Parent and IAS;
|
|
•
|
by either Parent or IAS, at any time prior to the Effective Time (whether before or after receipt of the Written Consent) if (i) any permanent injunction or other final and non-appealable judgment or order issued by any court or other governmental authority of competent jurisdiction preventing the consummation of the Merger is in effect that, in each case, prohibits, makes illegal or enjoins the consummation of the Merger and has become final and non-appealable; or (ii) any statute, rule or regulation has been enacted, entered or enforced that prohibits, makes illegal or enjoins the consummation of the Merger; provided that the right to terminate the Merger Agreement for this reason is not available to a party if such permanent injunction or other final and non-appealable judgment or order, or statute, rule or regulation was primarily due to the failure of such party to perform any of its obligations under the Merger Agreement or if such party shall have failed to comply with its obligations related to antitrust, merger control and foreign direct investment laws as set out in the Merger Agreement;
|
|
•
|
by either Parent or IAS if the Merger is not consummated on or before the Termination Date; provided that the right to terminate the Merger Agreement for this reason is not available to a party if the failure of the Merger to occur prior to the Termination Date was primarily due to the failure of such party to perform any of its obligations under the Merger Agreement;
|
|
•
|
by Parent, if IAS breaches any of its respective representations or warranties or fails to perform any of its covenants or obligations contained in the Merger Agreement, which breach or failure to perform would give rise to the failure of a condition precedent to the obligations of Parent and Merger Sub to consummate the Merger the Closing were to then occur, except that if such breach is capable of being cured prior to the Termination Date, Parent will not be entitled to terminate the Merger Agreement prior to giving 45-days' written notice to IAS of such breach stating Parent's intention to terminate the Merger Agreement and the basis for such termination; provided that Parent will not have the right to terminate the Merger Agreement if such breach has been cured prior to termination or if it or Merger Sub is then in material breach of any representations, warranties, covenants or other agreements contained in the Merger Agreement which breach would give rise to the failure of a condition precedent to IAS's obligation to the Closing;
|
|
•
|
by IAS, if Parent or Merger Sub breaches any of its respective representations or warranties or fails to perform any of its respective covenants or obligations contained in the Merger Agreement, which breach or failure to perform would give rise to the failure of a condition precedent to IAS's obligation to consummate the Merger the Closing were to then occur, except that if such breach is capable of being cured prior to the Termination Date, IAS will not be entitled to terminate the Merger Agreement prior to giving 45 days' written notice to Parent of such breach stating IAS's intention to terminate the Merger Agreement and the basis for such termination provided that IAS will not have the right to terminate the Merger Agreement if such breach has been cured prior to termination or if IAS is then in material breach of any representations, warranties, covenants or other agreements contained in the Merger Agreement, which breach would give rise to the failure of a condition precedent to the obligations of Parent and Merger Sub to consummate the Merger; or
|
|
•
|
by IAS (i) if all of the conditions to the obligations of Parent and Merger Sub to consummate the Merger are satisfied or waived (other than those conditions that by their terms are to be satisfied at the Closing, so long as such conditions are at the time of termination capable of being satisfied), (ii) Parent has actually received the confirmation described below under (y) and (iii) Parent fails to consummate the transactions contemplated by the Merger Agreement by the date that is three business days after the
|
TABLE OF CONTENTS
|
•
|
if (i) the Merger Agreement is terminated (A) because the Merger is not consummated on or before the Termination Date (B) because the Company has failed to obtain the Written Consent within 24 hours following the execution of the Merger Agreement, or (C) pursuant to a breach or failure of IAS to perform any of its representations, warranties, covenants or other agreements resulting in a failure of IAS to satisfy certain of IAS's conditions precedent to the Closing and such breach is incapable of being cured prior to the Termination Date; (ii) following the execution of the Merger Agreement and prior to such termination, an Acquisition Proposal for an Acquisition Transaction has been publicly announced or disclosed and not withdrawn or otherwise abandoned; and (iii) within 12 months following such termination of the Merger Agreement, either an Acquisition Transaction is consummated or IAS enters into a definitive agreement providing for the consummation of an Acquisition Transaction and such Acquisition Transaction is subsequently consummated; provided that for purposes of this clause (iii), all references to "20%" in the definition of "Acquisition Transaction" (as defined in "The Merger Agreement-No Solicitation or Negotiation" beginning on page 64) will be deemed to be references to "50%."
|
|
•
|
if the Merger Agreement is terminated by Parent, because the Company Board (or a committee thereof) has effected a Board Recommendation Change; or
|
|
•
|
if the Merger Agreement is terminated by IAS, at any time prior to IAS's receipt of the Written Consent, in order to substantially concurrently enter into an Alternative Acquisition Agreement providing for a Superior Proposal.
|
|
•
|
by IAS if Parent breaches any of its representations or warranties or fails to perform any of its covenants or obligations contained in the Merger Agreement which breach or failure to perform would result in a failure of a specified closing condition, and such breach is incapable of being cured prior to the Termination Date;
|
|
•
|
by IAS (i) if all of the conditions to the obligations of Parent and Merger Sub to consummate the Merger are satisfied or validly waived (other than those conditions that by their terms are to be satisfied by actions taken at the Closing, so long as such conditions are at the time of termination capable of being satisfied, (ii) Parent has actually received the confirmation described below under (y) and (iii) Parent fails to consummate the transactions contemplated by the Merger Agreement by the date that is three business days after the later of (x) the date that Parent is required to consummate the Closing pursuant to the Merger Agreement and (y) the date on which Parent receives irrevocable
|
TABLE OF CONTENTS
|
•
|
by IAS or Parent if the Merger is not consummated on or before the Termination Date; provided that at such time IAS has the right to terminate the Merger Agreement pursuant to the two bullet points described above.
|
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
|
•
|
you must deliver to IAS, at the address specified below, a written demand for appraisal within 20 days after the date of IAS giving this notice. The demand must reasonably inform us of the identity of the stockholder of record or beneficial owner, as applicable, holding the shares for which appraisal is demanded, the intention of the person to demand appraisal of his, her or its shares and, in the case of a demand made by a beneficial owner, reasonably identify the stockholder of record of such shares, and must be accompanied by documentary evidence of such beneficial owner's beneficial ownership of the shares and a statement that such documentary evidence is a true and correct copy of what it purports to be, and must provide an address at which such beneficial owner consents to receive notices given by the Surviving Corporation under Section 262 of the DGCL and to be set forth on the verified list required by Section 262(f) of the DGCL. A stockholder's and beneficial owner's failure to make a written demand for appraisal on or before the expiration of such 20-day period will result in the loss of that holder's appraisal rights. For clarity, such 20-day period will begin to run on the date of mailing of this information statement;
|
|
•
|
you must not consent to, or vote in favor of, the Merger;
|
|
•
|
you must continuously hold (in the case of a stockholder demanding appraisal) or beneficially own (in the case of a beneficial owner demanding your appraisal) your shares of Company Common Stock from the date of making the demand through the Effective Time. You will lose your appraisal rights if you are a stockholder of record and transfer the shares, or if you are a beneficial owner and cease to beneficially own such shares, before the Effective Time;
|
|
•
|
any stockholder or beneficial owner who has complied with the requirements of Section 262 of the DGCL or IAS must file a petition in the Delaware Court of Chancery requesting a determination of the fair value of such shares within 120 days after the Effective Time. IAS is under no obligation to file any petition and has no present intention of doing so; and
|
|
•
|
you must otherwise comply with the applicable procedures and requirements set forth in Section 262 of the DGCL.
|
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
|
•
|
each person or group known to us who beneficially owns more than 5% of the Company Common Stock;
|
|
•
|
each of our directors;
|
|
•
|
each of our named executive officers; and
|
|
•
|
all of our directors and executive officers as a group.
|
|
|
|
|
|
|
|
|
|
Name of Beneficial Owner
|
|
|
Number of Shares
of Company Common
Stock Beneficially
Owned
|
|
|
Percentage of Shares
of Company Common
Stock Outstanding
|
|
5% Stockholders
|
|
|
|
|
||
|
Vista Funds(1)
|
|
|
65,010,001
|
|
|
39%
|
|
Atlas Venture Fund VIII, L.P.(2)
|
|
|
22,722,771
|
|
|
14%
|
|
Sunriver Management LLC(3)
|
|
|
8,822,914
|
|
|
5%
|
|
The Vanguard Group(4)
|
|
|
8,106,247
|
|
|
5%
|
|
Directors and Named Executive Officers
|
|
|
|
|
||
|
Lisa Utzschneider(5)
|
|
|
2,829,003
|
|
|
2%
|
|
Alpana Wegner
|
|
|
-
|
|
|
-
|
|
Rod Aliabadi
|
|
|
-
|
|
|
-
|
|
Otto Berkes
|
|
|
62,964
|
|
|
*
|
|
Michael Fosnaugh
|
|
|
-
|
|
|
-
|
|
Bridgette Heller
|
|
|
45,024
|
|
|
*
|
|
Christina Lema
|
|
|
-
|
|
|
-
|
|
Robert Lord
|
|
|
11,547
|
|
|
*
|
|
Brooke Nakatsukasa
|
|
|
-
|
|
|
-
|
|
Jill Putman
|
|
|
114,718
|
|
|
*
|
|
Martin Taylor
|
|
|
-
|
|
|
-
|
|
All Directors and Executive Officers as a Group (12 Individuals)(6)
|
|
|
3,063,256
|
|
|
2%
|
|
|
|
|
|
|
|
|
|
*
|
Indicates less than 1%
|
|
(1)
|
As reported on the Schedule 13G/A filed on November 14, 2024, the shares reported are held directly by Vista Equity Partners Fund VI, L.P. ("VEPF VI"), Vista Equity Partners Fund VI-A, L.P. ("VEPF VI-A"), and VEPF VI FAF, L.P. ("FAF," and collectively with VEPF VI and VEPF VI-A, the "Vista Funds"). Vista Equity Partners Fund VI GP, L.P. ("Fund VI GP") is the sole general partner of each of the Vista Funds. Fund VI GP's sole general partner is VEPF VI GP, Ltd. ("Fund VI UGP"). Robert F. Smith is the
|
TABLE OF CONTENTS
|
(2)
|
As reported on the Schedule 13G/A filed on January 31, 2023, Atlas Venture Fund VIII, L.P. ("Atlas VIII") directly holds 22,722,771 shares. Atlas Venture Associates VIII, L.P. ("AVA VIII LP") is the sole general partner of Atlas VIII. Atlas Venture Associates VIII, Inc. ("AVA VIII Inc.") is the sole general partner of AVA VIII LP and its four directors are Jeff Fagnan, Peter Barrett, Jean-Francois Formela and Bruce Booth, who may act by majority. Each of Atlas VIII, AVAI VIII LP and AVA VIII Inc. disclaim beneficial ownership of all shares except to the extent of its pecuniary interest, if any, therein. The business address of each of Atlas VIII, AVA VIII LP and AVA VIII Inc. is 56 Wareham Street, Floor 3, Boston, MA 02118.
|
|
(3)
|
As reported on the Schedule 13G filed on August 13, 2025, Sunriver Management LLC and Randolph Willett Cook each have shared voting power over 8,822,914 shares and shared dispositive power over 8,822,914 shares. The business address of Sunriver Management LLC and Randolph Willett Cook is 2 Sound View Drive, 2nd Floor, Greenwich, CT 06830.
|
|
(4)
|
As reported on the Schedule 13G filed on February 13, 2024, The Vanguard Group ("Vanguard") has shared voting power over 91,729 shares, sole dispositive power over 7,958,730 shares and shared dispositive power over 147,517 shares. The business address of Vanguard is 100 Vanguard Blvd., Malvern, PA 19355.
|
|
(5)
|
Includes 400,272 shares of Company Common Stock and options to purchase 2,428,731 shares of Company Common Stock that are currently exercisable.
|
|
(6)
|
Includes options to purchase 2,428,731 shares of Company Common Stock that are currently exercisable.
|
TABLE OF CONTENTS
TABLE OF CONTENTS
|
|
|
|
|
|
Company Filings:
|
|
|
Periods:
|
|
Annual Report on Form 10-K
|
|
|
Fiscal Year ended December 31, 2024, as filed February 28, 2025 (including information specifically incorporated by reference into the Annual Report on Form 10-K from IAS's definitive proxy statement on Schedule 14A dated March 28, 2025)
|
|
Quarterly Reports on Form 10-Q
|
|
|
Fiscal Quarters ended March 31, 2025, as filed May 12, 2025, and June 30, 2025, as filed August 7, 2025
|
|
Current Reports on Form 8-K
|
|
|
Filed January 3, 2025, February 3, 2025, May 6, 2025, June 3, 2025, June 18, 2025, September 24, 2025 and September 24, 2025
|
|
|
|
|
|
TABLE OF CONTENTS
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page
|
|||
|
ARTICLE I DEFINITIONS & INTERPRETATIONS
|
|
|
A-1
|
||||||
|
|
|
|
|
|
|
||||
|
|
|
1.1
|
|
|
Certain Definitions
|
|
|
A-1
|
|
|
|
|
1.2
|
|
|
Index of Defined Terms
|
|
|
A-12
|
|
|
|
|
1.3
|
|
|
Certain Interpretations
|
|
|
A-13
|
|
|
|
|
|
|
|
|
||||
|
ARTICLE II THE MERGER
|
|
|
A-15
|
||||||
|
|
|
|
|
|
|
||||
|
|
|
2.1
|
|
|
The Merger
|
|
|
A-15
|
|
|
|
|
2.2
|
|
|
The Effective Time
|
|
|
A-15
|
|
|
|
|
2.3
|
|
|
The Closing
|
|
|
A-15
|
|
|
|
|
2.4
|
|
|
Effect of the Merger
|
|
|
A-15
|
|
|
|
|
2.5
|
|
|
Certificate of Incorporation and Bylaws
|
|
|
A-15
|
|
|
|
|
2.6
|
|
|
Directors and Officers
|
|
|
A-15
|
|
|
|
|
2.7
|
|
|
Effect on Capital Stock
|
|
|
A-16
|
|
|
|
|
2.8
|
|
|
Treatment of Equity Awards; ESPP
|
|
|
A-17
|
|
|
|
|
2.9
|
|
|
Exchange of Certificates
|
|
|
A-19
|
|
|
|
|
2.10
|
|
|
No Further Ownership Rights in Company Common Stock
|
|
|
A-21
|
|
|
|
|
2.11
|
|
|
Lost, Stolen or Destroyed Certificates
|
|
|
A-21
|
|
|
|
|
2.12
|
|
|
Required Withholding
|
|
|
A-21
|
|
|
|
|
|
|
|
|
||||
|
ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY
|
|
|
A-22
|
||||||
|
|
|
|
|
|
|
||||
|
|
|
3.1
|
|
|
Organization; Good Standing
|
|
|
A-22
|
|
|
|
|
3.2
|
|
|
Corporate Power; Enforceability
|
|
|
A-22
|
|
|
|
|
3.3
|
|
|
Company Board Approval; Fairness Opinion; Anti-Takeover Laws
|
|
|
A-22
|
|
|
|
|
3.4
|
|
|
Stockholder Consent
|
|
|
A-23
|
|
|
|
|
3.5
|
|
|
Non-Contravention
|
|
|
A-23
|
|
|
|
|
3.6
|
|
|
Requisite Governmental Approvals
|
|
|
A-23
|
|
|
|
|
3.7
|
|
|
Company Capitalization
|
|
|
A-23
|
|
|
|
|
3.8
|
|
|
Subsidiaries
|
|
|
A-25
|
|
|
|
|
3.9
|
|
|
Company SEC Documents
|
|
|
A-25
|
|
|
|
|
3.10
|
|
|
Company Financial Statements; Internal Controls
|
|
|
A-26
|
|
|
|
|
3.11
|
|
|
No Undisclosed Liabilities
|
|
|
A-27
|
|
|
|
|
3.12
|
|
|
Absence of Certain Changes
|
|
|
A-27
|
|
|
|
|
3.13
|
|
|
Material Contracts
|
|
|
A-27
|
|
|
|
|
3.14
|
|
|
Customers, Partners and Suppliers
|
|
|
A-27
|
|
|
|
|
3.15
|
|
|
Real Property
|
|
|
A-28
|
|
|
|
|
3.16
|
|
|
Environmental Matters
|
|
|
A-28
|
|
|
|
|
3.17
|
|
|
Intellectual Property
|
|
|
A-28
|
|
|
|
|
3.18
|
|
|
Data Privacy
|
|
|
A-30
|
|
|
|
|
3.19
|
|
|
Tax Matters
|
|
|
A-31
|
|
|
|
|
3.20
|
|
|
Employee Benefits
|
|
|
A-32
|
|
|
|
|
3.21
|
|
|
Labor Matters
|
|
|
A-34
|
|
|
|
|
3.22
|
|
|
Compliance with Laws
|
|
|
A-35
|
|
|
|
|
3.23
|
|
|
Legal Proceedings; Orders
|
|
|
A-35
|
|
|
|
|
3.24
|
|
|
Insurance
|
|
|
A-35
|
|
|
|
|
3.25
|
|
|
Anti-Corruption Compliance
|
|
|
A-36
|
|
|
|
|
3.26
|
|
|
No TID U.S. business
|
|
|
A-36
|
|
|
|
|
3.27
|
|
|
Not a Covered Foreign Person
|
|
|
A-36
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page
|
|||
|
|
|
3.28
|
|
|
Brokers
|
|
|
A-36
|
|
|
|
|
3.29
|
|
|
Company Information
|
|
|
A-36
|
|
|
|
|
3.30
|
|
|
Affiliated Party Transactions
|
|
|
A-36
|
|
|
|
|
3.31
|
|
|
No Other Representations or Warranties
|
|
|
A-36
|
|
|
|
|
|
|
|
|
||||
|
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB
|
|
|
A-37
|
||||||
|
|
|
|
|
|
|
||||
|
|
|
4.1
|
|
|
Organization; Good Standing
|
|
|
A-37
|
|
|
|
|
4.2
|
|
|
Corporate Power; Enforceability
|
|
|
A-37
|
|
|
|
|
4.3
|
|
|
Non-Contravention
|
|
|
A-37
|
|
|
|
|
4.4
|
|
|
Requisite Governmental Approvals
|
|
|
A-37
|
|
|
|
|
4.5
|
|
|
Legal Proceedings; Orders
|
|
|
A-37
|
|
|
|
|
4.6
|
|
|
Ownership of Company Common Stock
|
|
|
A-38
|
|
|
|
|
4.7
|
|
|
Brokers
|
|
|
A-38
|
|
|
|
|
4.8
|
|
|
Operations of Parent and Merger Sub
|
|
|
A-38
|
|
|
|
|
4.9
|
|
|
No Parent Vote or Approval Required
|
|
|
A-38
|
|
|
|
|
4.10
|
|
|
Limited Guarantee
|
|
|
A-38
|
|
|
|
|
4.11
|
|
|
Financing
|
|
|
A-38
|
|
|
|
|
4.12
|
|
|
Stockholder and Management Arrangements
|
|
|
A-39
|
|
|
|
|
4.13
|
|
|
Solvency
|
|
|
A-39
|
|
|
|
|
4.14
|
|
|
Non-Reliance
|
|
|
A-40
|
|
|
|
|
4.15
|
|
|
Parent and Merger Sub Information
|
|
|
A-40
|
|
|
|
|
4.16
|
|
|
No Other Representations or Warranties
|
|
|
A-40
|
|
|
|
|
|
|
|
|
||||
|
ARTICLE V INTERIM OPERATIONS OF THE COMPANY
|
|
|
A-41
|
||||||
|
|
|
|
|
|
|
||||
|
|
|
5.1
|
|
|
Affirmative Obligations
|
|
|
A-41
|
|
|
|
|
5.2
|
|
|
Forbearance Covenants
|
|
|
A-41
|
|
|
|
|
5.3
|
|
|
No Solicitation
|
|
|
A-43
|
|
|
|
|
5.4
|
|
|
No Control of the Other Party's Business
|
|
|
A-46
|
|
|
|
|
|
|
|
|
||||
|
ARTICLE VI ADDITIONAL COVENANTS
|
|
|
A-46
|
||||||
|
|
|
|
|
|
|
||||
|
|
|
6.1
|
|
|
Required Action and Forbearance; Efforts
|
|
|
A-46
|
|
|
|
|
6.2
|
|
|
Antitrust and Regulatory Matters
|
|
|
A-47
|
|
|
|
|
6.3
|
|
|
Stockholder Consent; Information Statement
|
|
|
A-49
|
|
|
|
|
6.4
|
|
|
Financing
|
|
|
A-51
|
|
|
|
|
6.5
|
|
|
Financing Cooperation
|
|
|
A-53
|
|
|
|
|
6.6
|
|
|
Anti-Takeover Laws
|
|
|
A-55
|
|
|
|
|
6.7
|
|
|
Access
|
|
|
A-55
|
|
|
|
|
6.8
|
|
|
Section 16(b) Exemption
|
|
|
A-56
|
|
|
|
|
6.9
|
|
|
Directors' and Officers' Exculpation, Indemnification and Insurance
|
|
|
A-56
|
|
|
|
|
6.10
|
|
|
Employee Matters
|
|
|
A-58
|
|
|
|
|
6.11
|
|
|
Public Statements and Disclosure
|
|
|
A-59
|
|
|
|
|
6.12
|
|
|
Transaction Litigation
|
|
|
A-60
|
|
|
|
|
6.13
|
|
|
Stock Exchange Delisting; Deregistration
|
|
|
A-60
|
|
|
|
|
6.14
|
|
|
Additional Agreements
|
|
|
A-60
|
|
|
|
|
6.15
|
|
|
Parent Vote
|
|
|
A-60
|
|
|
|
|
6.16
|
|
|
Certain Arrangements
|
|
|
A-60
|
|
|
|
|
6.17
|
|
|
FIRPTA Certificate
|
|
|
A-61
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page
|
|||
|
ARTICLE VII CONDITIONS TO THE MERGER
|
|
|
A-61
|
||||||
|
|
|
|
|
|
|
||||
|
|
|
7.1
|
|
|
Conditions to Each Party's Obligations to Effect the Merger
|
|
|
A-61
|
|
|
|
|
7.2
|
|
|
Conditions to the Obligations of Parent and Merger Sub
|
|
|
A-61
|
|
|
|
|
7.3
|
|
|
Conditions to the Company's Obligations to Effect the Merger
|
|
|
A-62
|
|
|
|
|
|
|
|
|
||||
|
ARTICLE VIII TERMINATION, AMENDMENT AND WAIVER
|
|
|
A-62
|
||||||
|
|
|
|
|
|
|
||||
|
|
|
8.1
|
|
|
Termination
|
|
|
A-62
|
|
|
|
|
8.2
|
|
|
Manner and Notice of Termination; Effect of Termination
|
|
|
A-64
|
|
|
|
|
8.3
|
|
|
Fees and Expenses
|
|
|
A-64
|
|
|
|
|
8.4
|
|
|
Amendment
|
|
|
A-67
|
|
|
|
|
8.5
|
|
|
Extension; Waiver
|
|
|
A-67
|
|
|
|
|
|
|
|
|
||||
|
ARTICLE IX GENERAL PROVISIONS
|
|
|
A-67
|
||||||
|
|
|
|
|
|
|
||||
|
|
|
9.1
|
|
|
Survival of Representations, Warranties and Covenants
|
|
|
A-67
|
|
|
|
|
9.2
|
|
|
Notices
|
|
|
A-67
|
|
|
|
|
9.3
|
|
|
Assignment
|
|
|
A-68
|
|
|
|
|
9.4
|
|
|
Confidentiality
|
|
|
A-68
|
|
|
|
|
9.5
|
|
|
Entire Agreement
|
|
|
A-69
|
|
|
|
|
9.6
|
|
|
Third Party Beneficiaries
|
|
|
A-69
|
|
|
|
|
9.7
|
|
|
Severability
|
|
|
A-69
|
|
|
|
|
9.8
|
|
|
Remedies
|
|
|
A-69
|
|
|
|
|
9.9
|
|
|
Governing Law
|
|
|
A-70
|
|
|
|
|
9.10
|
|
|
Consent to Jurisdiction
|
|
|
A-70
|
|
|
|
|
9.11
|
|
|
WAIVER OF JURY TRIAL
|
|
|
A-71
|
|
|
|
|
9.12
|
|
|
No Recourse
|
|
|
A-71
|
|
|
|
|
9.13
|
|
|
Company Disclosure Letter References
|
|
|
A-72
|
|
|
|
|
9.14
|
|
|
Counterparts
|
|
|
A-73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXHIBITS
|
|
|
|
|
||
|
|
|
|
|
|||
|
Exhibit A
|
|
|
Form of Stockholder Consent
|
|
|
|
|
Exhibit B
|
|
|
Certificate of Incorporation of the Company
|
|
|
|
|
|
|
|
|
|
|
|
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
|
|
|
|
|
|
Acquisition Proposal Notice Period
|
|
|
5.3(d)(ii)(2)(A)
|
|
Agreement
|
|
|
Preamble
|
|
Alternate Debt Financing
|
|
|
6.4(d)
|
|
Alternative Acquisition Agreement
|
|
|
5.3(a)
|
|
Business Intellectual Property
|
|
|
3.17(b)
|
|
Capitalization Date
|
|
|
3.7(a)
|
|
Certificate of Merger
|
|
|
2.2
|
|
Certificates
|
|
|
2.9(c)
|
|
Chosen Courts
|
|
|
9.10
|
|
Closing
|
|
|
2.3
|
|
Closing Date
|
|
|
2.3
|
|
Company
|
|
|
Preamble
|
|
Company Board Recommendation
|
|
|
3.3(a)
|
|
Company Board Recommendation Change
|
|
|
5.3(c)(i)
|
|
Company Disclosure Letter
|
|
|
Article III
|
|
Company Group
|
|
|
3.19(a)
|
|
Company Related Parties
|
|
|
8.3(e)(ii)
|
|
Company SEC Documents
|
|
|
Article III
|
|
Company Securities
|
|
|
3.7(c)
|
|
Computer Systems
|
|
|
3.17(i)
|
|
Continuation Period
|
|
|
6.10(a)
|
|
Converted Cash Award
|
|
|
2.8(b)(ii)
|
|
Copyrights
|
|
|
Definition of Intellectual Property
|
|
D&O Insurance
|
|
|
6.9(c)
|
|
Debt Commitment Letters
|
|
|
4.11(a)
|
|
Debt Financing
|
|
|
4.11(a)
|
|
DGCL
|
|
|
Recital A
|
|
Dissenting Company Shares
|
|
|
2.7(c)
|
|
DTC
|
|
|
2.9(d)
|
|
Effective Time
|
|
|
2.2
|
|
Electronic Delivery
|
|
|
9.14
|
|
Enforceability Exceptions
|
|
|
3.2
|
|
Equity Commitment Letter
|
|
|
4.11(a)
|
|
Equity Financing
|
|
|
4.11(a)
|
|
FCPA
|
|
|
3.25
|
|
Fee Letter
|
|
|
4.11(a)
|
|
Final Exercise Date
|
|
|
2.8(e)
|
|
Financing
|
|
|
4.11(a)
|
|
Financing Letters
|
|
|
4.11(a)
|
|
Foreign Benefit Plan
|
|
|
3.20(i)
|
|
Grant Date
|
|
|
3.7(b)
|
|
HMT
|
|
|
Definition of Sanctions
|
|
Indemnified Person(s)
|
|
|
6.9(a)
|
|
Information Statement
|
|
|
6.3(b)(i)
|
|
Interim Period
|
|
|
5.1
|
|
Intervening Event Notice Period
|
|
|
5.3(d)(i)(1)(A)
|
|
In-the-Money Options
|
|
|
2.8(a)(i)
|
|
Lease
|
|
|
3.15
|
|
Leased Real Property
|
|
|
3.15
|
|
|
|
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
Limited Guarantee
|
|
|
Recital C
|
|
Marks
|
|
|
Definition of Intellectual Property
|
|
Maximum Annual Premium
|
|
|
6.9(c)
|
|
Merger
|
|
|
Recital A
|
|
Merger Sub
|
|
|
Preamble
|
|
New Debt Commitment Letters
|
|
|
6.4(d)
|
|
New Plan
|
|
|
6.10(b)
|
|
OFAC
|
|
|
Definition of Sanctions
|
|
Old Plans
|
|
|
6.10(b)
|
|
Order
|
|
|
3.23(b)
|
|
Other Indemnified Persons
|
|
|
6.9(e)
|
|
Owned Company Shares
|
|
|
2.7(a)(iii)
|
|
Parent
|
|
|
Preamble
|
|
Parent Material Adverse Effect
|
|
|
7.3(a)
|
|
Parent Related Parties
|
|
|
8.3(e)(i)
|
|
Parent Termination Fee
|
|
|
8.3(c)
|
|
Party
|
|
|
Preamble
|
|
Patents
|
|
|
Definition of Intellectual Property
|
|
Payment Agent
|
|
|
2.9(a)
|
|
Payment Fund
|
|
|
2.9(b)
|
|
Payoff Letter
|
|
|
6.5(c)(i)
|
|
Per Share Price
|
|
|
2.7(a)(ii)
|
|
Replacement Company MSU Award
|
|
|
2.8(c)(ii)
|
|
Software
|
|
|
Definition of Intellectual Property
|
|
Stockholder Consent
|
|
|
3.4
|
|
Sublease
|
|
|
3.15
|
|
Support Agreement
|
|
|
Recital E
|
|
Surviving Corporation
|
|
|
2.1
|
|
Termination Date
|
|
|
8.1(c)
|
|
Top Customers
|
|
|
3.14(a)
|
|
Top Partners
|
|
|
3.14(b)
|
|
Top Suppliers
|
|
|
3.14(c)
|
|
Trade Secrets
|
|
|
Definition of Intellectual Property
|
|
Uncertificated Shares
|
|
|
2.9(c)
|
|
Underwater Options
|
|
|
2.8(a)(ii)
|
|
Unvested Company RSU
|
|
|
2.8(b)(ii)
|
|
Vested Company Option Consideration
|
|
|
2.8(a)(i)
|
|
Vested Company RSUs
|
|
|
2.8(b)(i)
|
|
Vested Equity Award Consideration
|
|
|
2.8(b)(i)
|
|
Vested Equity Award Holders
|
|
|
2.8(d)
|
|
Vested RSU Consideration
|
|
|
2.8(b)(i)
|
|
|
|
|
|
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|||
|
|
|
(a)
|
|
|
if to Parent or Merger Sub to:
|
||||
|
|
|
|
|
c/o Novacap Management Inc.
|
|||||
|
|
|
|
|
3400, rue de l'Eclipse
|
|||||
|
|
|
|
|
Suite 700
|
|||||
|
|
|
|
|
Brossard, Québec
|
|||||
|
|
|
|
|
Attn:
|
|
|
Maxime Charbonneau
|
||
|
|
|
|
|
|
|
Josiane Turcotte
|
|||
|
|
|
|
|
|
|
Legal Affairs
|
|||
|
|
|
|
|
Email:
|
|
|
****
|
||
|
|
|
|
|
|
|
****
|
|||
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
TABLE OF CONTENTS
|
|
|
|
|
||||||
|
|
|
with a copy (which will not constitute notice) to:
|
|||||||
|
|
|
|
|
|
|
||||
|
|
|
|
|
Willkie Farr & Gallagher LLP
|
|||||
|
|
|
|
|
787 Seventh Avenue
|
|||||
|
|
|
|
|
New York, NY 10019
|
|||||
|
|
|
|
|
Attn:
|
|
|
Russell L. Leaf
|
||
|
|
|
|
|
|
|
Jared N. Fertman
|
|||
|
|
|
|
|
|
|
Samir K. Patel
|
|||
|
|
|
|
|
Email:
|
|
|
****
|
||
|
|
|
|
|
|
|
****
|
|||
|
|
|
|
|
|
|
****
|
|||
|
|
|
|
|
|
|
||||
|
|
|
(b)
|
|
|
if to the Company (prior to the Effective Time) to:
|
||||
|
|
|
|
|
|
|
||||
|
|
|
|
|
Integral Ad Science Holding Corp.
|
|||||
|
|
|
|
|
12 E. 49th Street, 20th Floor
|
|||||
|
|
|
|
|
New York, NY
|
|||||
|
|
|
|
|
Attn:
|
|
|
Lisa Utzschneider
|
||
|
|
|
|
|
|
|
Yossi Almani
|
|||
|
|
|
|
|
Email:
|
|
|
****
|
||
|
|
|
|
|
|
|
****
|
|||
|
|
|
|
|
|
|
||||
|
|
|
with a copy (which will not constitute notice) to:
|
|||||||
|
|
|
|
|
|
|
||||
|
|
|
|
|
Kirkland & Ellis LLP
|
|||||
|
|
|
|
|
601 Lexington Avenue
|
|||||
|
|
|
|
|
New York, NY 10022
|
|||||
|
|
|
|
|
Attn:
|
|
|
Daniel Wolf, P.C.
|
||
|
|
|
|
|
|
|
David M. Klein, P.C.
|
|||
|
|
|
|
|
Email:
|
|
|
****
|
||
|
|
|
|
|
|
|
****
|
|||
|
|
|
|
|
|
|
|
|
|
|
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
IGLOO GROUP PARENT, INC.
|
|
|
|
|
||
|
|
|
By:
|
|
|
|
|
||
|
|
|
/s/ Samuel Nasso
|
|
|
|
|
Name: Samuel Nasso
|
|
|
|
|
Title: President
|
|
|
|
|
||
|
|
|
IGLOO GROUP ACQUISITION COMPANY, INC.
|
|
|
|
|
||
|
|
|
By:
|
|
|
|
|
||
|
|
|
/s/ Samuel Nasso
|
|
|
|
|
Name: Samuel Nasso
|
|
|
|
|
Title: President
|
|
|
|
|
||
|
|
|
INTEGRAL AD SCIENCE HOLDING CORP.
|
|
|
|
|
||
|
|
|
By:
|
|
|
|
|
||
|
|
|
/s/ Lisa Utzschneider
|
|
|
|
|
Name: Lisa Utzschneider
|
|
|
|
|
Title: Chief Executive Officer
|
|
|
|
|
|
|
TABLE OF CONTENTS
|
(i)
|
reviewed a draft dated September 23, 2025 of the Merger Agreement;
|
|
(ii)
|
reviewed certain publicly available financial and other information about the Company;
|
|
(iii)
|
reviewed certain information furnished to us and approved for our use by the Company's management, including financial forecasts and analyses, relating to the business, operations and prospects of the Company;
|
|
(iv)
|
held discussions with members of senior management of the Company concerning the matters described in clauses (ii) and (iii) above;
|
|
(v)
|
reviewed the share trading price history and valuation multiples for the Company Common Stock and compared them with those of certain publicly traded companies that we deemed relevant;
|
|
(vi)
|
compared the proposed financial terms of the Merger with the financial terms of certain other transactions that we deemed relevant; and
|
|
(vii)
|
conducted such other financial studies, analyses and investigations as we deemed appropriate.
|
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
|
|
|
|
|
|||
|
|
|
if to Parent, to:
|
||||
|
|
|
|
|
|||
|
|
|
c/o Novacap Management Inc.
|
||||
|
|
|
3400, rue de l'Eclipse
|
||||
|
|
|
Suite 700
|
||||
|
|
|
Brossard, Québec
|
||||
|
|
|
Canada J4Z 0P3
|
||||
|
|
|
E-mail:
|
|
|
****
|
|
|
|
|
|
|
****
|
||
|
|
|
Attention:
|
|
|
Maxime Charbonneau;
|
|
|
|
|
|
|
Josiane Turcotte
|
||
|
|
|
|
|
Legal Affairs
|
||
|
|
|
|
|
|||
|
|
|
with a copy (which shall not constitute actual or constructive notice) to:
|
||||
|
|
|
|
|
|||
|
|
|
Willkie Farr & Gallagher LLP
|
||||
|
|
|
787 Seventh Avenue
|
||||
|
|
|
New York, NY 10019
|
||||
|
|
|
E-mail:
|
|
|
****
|
|
|
|
|
|
|
****
|
||
|
|
|
|
|
****
|
||
|
|
|
Attention:
|
|
|
Russell L. Leaf
|
|
|
|
|
|
|
Jared Fertman
|
||
|
|
|
|
|
Samir Patel
|
||
|
|
|
|
|
|||
|
|
|
if to the Company, to:
|
||||
|
|
|
|
|
|||
|
|
|
Integral Ad Science Holding Corp.
|
||||
|
|
|
12 E. 49th Street, 20th Floor
|
||||
|
|
|
New York, NY
|
||||
|
|
|
Attn:
|
|
|
Lisa Utzschneider
|
|
|
|
|
|
|
Yossi Almani
|
||
|
|
|
Email:
|
|
|
****
|
|
|
|
|
|
|
****
|
||
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
TABLE OF CONTENTS
|
|
|
|
|
|||
|
|
|
with a copy prior to the Closing (which shall not constitute actual or constructive notice) to:
|
||||
|
|
|
|
|
|||
|
|
|
Kirkland & Ellis LLP
|
||||
|
|
|
601 Lexington Avenue
|
||||
|
|
|
New York, NY 10022
|
||||
|
|
|
E-mail:
|
|
|
****
|
|
|
|
|
|
|
****
|
||
|
|
|
Attention:
|
|
|
Daniel Wolf, P.C.
|
|
|
|
|
|
|
David M. Klein, P.C.
|
||
|
|
|
|
|
|||
|
|
|
with a copy after the Closing (which shall not constitute actual or constructive notice) to:
|
||||
|
|
|
|
|
|||
|
|
|
Willkie Farr & Gallagher LLP
|
||||
|
|
|
787 Seventh Avenue
|
||||
|
|
|
New York, NY 10019
|
||||
|
|
|
E-mail:
|
|
|
****
|
|
|
|
|
|
|
****
|
||
|
|
|
|
|
****
|
||
|
|
|
Attention:
|
|
|
Russell L. Leaf
|
|
|
|
|
|
|
Jared Fertman
|
||
|
|
|
|
|
Samir Patel
|
||
|
|
|
|
|
|||
|
|
|
if to a Vista Party, to:
|
||||
|
|
|
|
|
|||
|
|
|
c/o Vista Equity Partners Management, LLC
|
||||
|
|
|
Four Embarcadero Center, 20th Floor
|
||||
|
|
|
San Francisco, CA 94111
|
||||
|
|
|
E-mail:
|
|
|
****
|
|
|
|
|
Attention:
|
|
|
Christina Lema
|
|
|
|
|
|
|
|||
|
|
|
with a copy (which shall not constitute actual or constructive notice) to:
|
||||
|
|
|
|
|
|||
|
|
|
Kirkland & Ellis LLP
|
||||
|
|
|
601 Lexington Avenue
|
||||
|
|
|
New York, NY 10022
|
||||
|
|
|
E-mail:
|
|
|
****
|
|
|
|
|
|
|
****
|
||
|
|
|
Attention:
|
|
|
Daniel Wolf, P.C.
|
|
|
|
|
|
|
David M. Klein, P.C.
|
||
|
|
|
|
|
|
|
|
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
|
|
|
|
|
|||
|
|
|
IGLOO GROUP PARENT, INC.
|
||||
|
|
|
|
|
|||
|
|
|
By:
|
|
|
/s/ Samuel Nasso
|
|
|
|
|
Name:
|
|
|
Samuel Nasso
|
|
|
|
|
Its:
|
|
|
President
|
|
|
|
|
|
|
|||
|
|
|
INTEGRAL AD SCIENCE HOLDING CORP.
|
||||
|
|
|
|
|
|||
|
|
|
By:
|
|
|
/s/ Lisa Utzschneider
|
|
|
|
|
Name:
|
|
|
Lisa Utzschneider
|
|
|
|
|
Its:
|
|
|
Chief Executive Officer
|
|
|
|
|
|
|
|||
|
|
|
VISTA EQUITY PARTNERS FUND VI, L.P.
|
||||
|
|
|
|
|
|||
|
|
|
By: Vista Equity Partners Fund VI GP, L.P.
|
||||
|
|
|
Its: General Partner
|
||||
|
|
|
|
|
|||
|
|
|
By: VEPF VI GP, Ltd
|
||||
|
|
|
Its: General Partner
|
||||
|
|
|
|
|
|||
|
|
|
By:
|
|
|
/s/ Robert F. Smith
|
|
|
|
|
Name:
|
|
|
Robert F. Smith
|
|
|
|
|
Title:
|
|
|
Director
|
|
|
|
|
|
|
|
|
|
TABLE OF CONTENTS
|
|
|
|
|
|||
|
|
|
VISTA EQUITY PARTNERS FUND VI-A, L.P.
|
||||
|
|
|
|
|
|||
|
|
|
By: Vista Equity Partners Fund VI GP, L.P.
|
||||
|
|
|
Its: General Partner
|
||||
|
|
|
|
|
|||
|
|
|
By: VEPF VI GP, Ltd.
|
||||
|
|
|
Its: General Partner
|
||||
|
|
|
|
|
|||
|
|
|
By:
|
|
|
/s/ Robert F. Smith
|
|
|
|
|
Name:
|
|
|
Robert F. Smith
|
|
|
|
|
Title:
|
|
|
Director
|
|
|
|
|
|
|
|||
|
|
|
VEPF VI FAF, L.P
|
||||
|
|
|
|
|
|||
|
|
|
By: Vista Equity Partners Fund VI GP, L.P.
|
||||
|
|
|
Its: General Partner
|
||||
|
|
|
|
|
|||
|
|
|
By: VEPF VI GP, Ltd.
|
||||
|
|
|
Its: General Partner
|
||||
|
|
|
|
|
|||
|
|
|
By:
|
|
|
/s/ Robert F. Smith
|
|
|
|
|
Name:
|
|
|
Robert F. Smith
|
|
|
|
|
Title:
|
|
|
Director
|
|
|
|
|
|
|
|||
|
|
|
VISTA EQUITY PARTNERS FUND VI GP, L.P.
|
||||
|
|
|
|
|
|||
|
|
|
By: VEPF VI GP. Ltd.
|
||||
|
|
|
Its: General Partner
|
||||
|
|
|
|
|
|||
|
|
|
By:
|
|
|
/s/ Robert F. Smith
|
|
|
|
|
Name:
|
|
|
Robert F. Smith
|
|
|
|
|
Title:
|
|
|
Director
|
|
|
|
|
|
|
|||
|
|
|
VEPF VI GP. LTD.
|
||||
|
|
|
|
|
|||
|
|
|
By:
|
|
|
/s/ Robert F. Smith
|
|
|
|
|
Name:
|
|
|
Robert F. Smith
|
|
|
|
|
Title:
|
|
|
Director
|
|
|
|
|
|
|
|
|
|
TABLE OF CONTENTS
|
|
|
|
|
|||
|
|
|
VEPF MANAGEMENT, L.P.
|
||||
|
|
|
|
|
|||
|
|
|
By: VEP Group, LLC
|
||||
|
|
|
Its: Managing Member
|
||||
|
|
|
|
|
|||
|
|
|
By:
|
|
|
/s/ Robert F. Smith
|
|
|
|
|
Name:
|
|
|
Robert F. Smith
|
|
|
|
|
Title:
|
|
|
Managing Member
|
|
|
|
|
|
|
|||
|
|
|
VEP GROUP, LLC
|
||||
|
|
|
|
|
|||
|
|
|
By:
|
|
|
/s/ Robert F. Smith
|
|
|
|
|
Name:
|
|
|
Robert F. Smith
|
|
|
|
|
Title:
|
|
|
Managing Member
|
|
|
|
|
|
|
|||
|
|
|
VISTA EQUITY PARTNERS MANAGEMENT, LLC
|
||||
|
|
|
|
|
|||
|
|
|
By: VEP Group, LLC
|
||||
|
|
|
Its: Senior Managing Member
|
||||
|
|
|
|
|
|||
|
|
|
By:
|
|
|
/s/ Robert F. Smith
|
|
|
|
|
Name:
|
|
|
Robert F. Smith
|
|
|
|
|
Title:
|
|
|
Managing Member
|
|
|
|
|
|
|
|
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
Stockholder
|
|
|
Subject Shares
|
|
Vista Equity Partners Fund VI, L.P.
|
|
|
40,222,196
|
|
Vista Equity Partners Fund VI-A, L.P.
|
|
|
24,298,354
|
|
VEPF VI FAF, L.P.
|
|
|
489,451
|
|
|
|
|
|