According to data gathered from CrunchBase, $7.5 billion has been invested into AdTech over the last 6 years, and nearly $1 billion in AdTech startups in 2013 alone. As a result of this activity, AdTech is a crowded, highly-fragmented, dynamic, challenging and oftentimes confusing landscape of over 400 companies. Although a fair amount of consolidation has already occurred, a limited number of acquirers are paying strategic valuations. We see three distinct eras of AdTech consolidation. We are seeing more and more AdTech and Marketing companies that are analytics driven, SaaS driven, and have high growth rates and compelling gross margins. As Brand decision making authority consolidates, SaaS dashboards may play a key role in the migration of traditional to digital advertising spend.