The internet majors are no longer the most important buyers of adtech companies. In many cases, the platforms have all the tech and capability that they need in adtech. We have seen new categories of buyers emerge for adtech companies. These new buyers include telecom companies such as Verizon and SingTel, consumer facing businesses such as Walmart and Priceline and enterprise software companies such as Oracle, IBM and Salesforce. 

The drivers for these groups of buyers are very different to the internet majors. This has profound implications for how adtech companies need to position themselves. We expect this trend to accelerate.