WTR Fireside Chat with AdTheorent CEO James Lawson on December 8, 2021 at 11 am Eastern Time



KEY POINTS
  • We are pleased to host James Lawson, CEO of AdTheorent on December 8, 2021 at 11 am EST as part of our WTR Fireside Chat Series. We will take a deep-dive into AdTheorent’s business and the digital advertising landscape. The event is open to all investors.

Register for the event here.

  • MCAP Acquisition Corp. is merging with AdTheorent, a programmatic digital advertising leader using advanced machine learning technology and privacy-forward solutions to deliver real-world value for advertisers.
  • AdTheorent's performance-focused programmatic advertising platform uses data science and machine learning (ML) capabilities to target digital ads without relying on privacy-backwards cookies, device IDs or other user profiles. The company’s proprietary suite of tools, methodologies and vertical solutions maximizes campaign performance and ROI for advertisers, while operating in a privacy-first manner, which has quickly escalated into an essential element for brand marketers worldwide.
  • Operating at massive scale, AdTheorent is able to optimize ad targeting by evaluating and providing predictive scores for more than 87 billion impressions daily, bidding on less than .01% of impressions scored. The company also leverages advanced machine learning and data science to drive platform efficiencies by optimizing against ad impressions which represent a greater risk of IVT/fraud, poor viewability and poor brand safety, or impressions that may not be measurable by third party measurement providers.
  • Revenue for 3Q21 was up 36% YoY and the company is projecting 28% growth in 2022 and 26% growth in 2023. The CTV market is a major growth driver for AdTheorent with nearly 300% growth YoY in 3Q21, and 240% growth expected in 2022. With 10 years of operating history and a strong track record of financial performance, AdTheorent has proven technology and market-validated business model that many SPACs lack.
  • For a comp group, we have used a group of similar growth, similar margin ad software companies. These comparables have an average forward P/S of 11.0x, while AdTheorent is priced at 6.3x, a 43% discount. On a 2023 EV/EBITDA basis the discount is 27% (24.1x vs 33.1x). AdTheorent’s 2022 revenue growth is expected to be higher than the comp group average (28% vs 24%).
COMPANY OVERVIEW

AdTheorent is a privacy-forward, machine-learning powered programmatic advertising company. Put simply, the company uses machine learning and data science to target digital ads based on non-individualized predictive scores. Sophisticated data-driven advertisers who know digital and expect their digital campaigns to drive tangible business results are AdTheorent’s biggest clients.

AdTheorent is improving the digital world for advertisers and consumers. By way of illustration, consider the following: when a consumer accesses content on a device -- a mobile device, tablet, or laptop-- a content page will render on that device, and that screen will likely contain an opportunity to show an ad, which is called a digital impression.

Advertisers want to know which of these impressions or opportunities to show/serve ads are most likely to yield engagement, conversions, or other advertiser-specified actions by their customers such as credit card signups, online sales, a hotel or airline bookings, whatever action is behind the given ad campaign, the advertiser is trying to drive those actions. They want to buy the media that's going to do just that.

Behind the scenes, there's a marketplace to buy and sell those ad opportunities. It's an auction system that takes place in microseconds. AdTheorent occupies the demand-side platform silo in this ecosystem, enabling advertisers to purchase digital media and digital ad impressions in real time and one at a time.

The key to AdTheorent’s success is that it has transformed how that is done. AdTheorent uses machine learning and data science as its core method of ad targeting and campaign optimization. This contrasts with cookie-based or other ID-based or user profile-based targeting, which focuses more on individual identities and retargeting users and profiles across the Internet.

ABOUT THE EXECUTIVES
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Paul Lévesque

AdTheorent Holding Company, Inc.

Paul Lévesque has built an enviable reputation in the pharmaceutical industry both here and abroad. He is recognized for his track record at delivering growth.

Paul has worked in the research-based pharmaceutical industry since 1985. He started with Upjohn Canada and then joined Pfizer Canada in 1992. He went on to occupy increasingly senior positions within the organization including Vice President of Marketing in Canada and in France, Country Manager for Canada, Chief Marketing Officer for the US in Primary Care and Regional President in Asia-Pacific for the innovative division of Pfizer. He also assumed the role of Global President for the Rare Disease Unit until he joined Theratechnologies on April 6, 2020.

Paul carries a passion for bringing to patients’ therapies in areas of unmet medical needs and contributes his learnings from his 35 years in the pharmaceutical industry.

Paul holds a BSc in biochemistry from Laval University and a Diploma in Management from McGill University.

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Jack Hightower

Chairman & CEO

AdTheorent Holding Company, Inc.

Jack Hightower is Chairman and Chief Executive Officer of HighPeak Energy. He has over 51 years of experience in the oil and gas industry managing multiple E&P platforms.

Mr. Hightower served as Chairman, President & CEO of Bluestem Energy Partners LP from 2011 to 2013.

Prior to forming Bluestem, Mr. Hightower served as Chairman, President, and CEO of Celero Energy II, LP from 2006 to 2009 ad as Chairman, President, and CEO of Celero Energy LP from 2004 to 2005. Prior to forming Celero,

Mr. Hightower served as Chairman, President, and CEO of Pure Resources (NYSE: PRS), which became the 11th largest publicly traded independent E&P company in North America. In October 2002, Unocal tendered for the Pure Resources shares it did not already own. In March 1995, Mr. Hightower founded Titan (Nasdaq: TEXP), the predecessor to Pure Resources and served as Chairman, President, and CEO.

Prior to founding Titan, Mr. Hightower served as Chairman, President, and CEO o Enertex Inc., the general partner and operator of record for several oil and gas partnerships from 1991 to 1994.

Mr. Hightower graduated from Texas Tech University in 1970 with Bachelor of Business Administration degrees in Administrative Finance and Money, Banking & Investments.

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James Lawson

CEO

AdTheorent Holding Company, Inc.

James Lawson is CEO and a member of the Board of Directors at AdTheorent, a programmatic digital advertising leader using advanced machine learning technology and privacy-forward solutions to deliver measurable value for advertisers and marketers. As CEO, James is focused on continuing the company’s aggressive growth, innovation and technology leadership. James has been a part of AdTheorent since its inception, serving in different executive capacities including Managing Partner & General Counsel and Chief Operating Officer. During James’ tenure, the company has grown from a new startup to a publicly traded company and established market leader. AdTheorent’s products and solutions have been recognized regularly with industry accolades such as Frost & Sullivan’s Digital Advertising Leadership Award (six-time recipient), the B.I.G. Innovation Awards, The Drum Digital Advertising Awards and the MMA Smarties. A company that puts a strong emphasis on its people and culture, AdTheorent is also an eight-time recipient of Crain’s Best Places to Work in New York City.

James is an attorney and entrepreneur and has served in executive level capacities with several VC-backed and publicly traded companies. Prior to joining AdTheorent, he co-founded Augme Mobile in 2008, which later became publicly traded Augme Technologies, Inc.

Before turning his focus to technology ventures and emerging businesses, James was a Partner in the Washington, DC office of the law firm McDermott, Will, Emery, LLP, where he represented Fortune 100 companies and growing businesses in both litigation and corporate counseling capacities. James was a Managing Partner of Mogility Capital, one of the initial investors in AdTheorent.

James is a graduate of Bucknell University (1994) and Loyola University Chicago School of Law (1997).

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