If you read me regularly, you know I am a fan of programmatic adtech. In fact, I think it’s one of the most important developments of the 21st century. And over the past few quarters, adtech has gotten quite hot, thanks to the recent successes of Rocket Fuel (up to 50 and holding from its open at 29), Criteo (trading above its already inflated opening price of 31), and, by extension, Facebook and Twitter (don’t get me started, but both these companies should be understood as programmatic plays, in my opinion).
But while I like all those companies, I find Rubicon’s recent filing far more interesting. Why? Well, here’s the money shot of the S-1:
Independence. We believe our independent market position enables us to better serve buyers and sellers because we are not burdened with any structural conflicts arising from owning and operating digital media properties while offering advertising purchasing solutions to buyers.
Ah, there it is, in a nutshell: “We are not Google, therefore, we are.” Rubicon uses the words “independent” or “independence” more than a half a dozen times in its S1, about the same number of times the word “Google” is invoked.
I am in full support of an independent adtech ecosystem. It’s vitally important that the world have options when it comes to what flavor of programmatic infrastructure it uses to transact – and when I say the “world” I mean everybody, from publishers to advertisers, consumers to service providers. Criteo and Rocket Fuel are important companies, but they don’t directly compete with Google – their business leverages buying strategies to maximize profits. Rubicon, on the other hand, has a full adtech stack and is focused on publishers (and yes, that’s what sovrn is as well).
Over time, we won’t be talking about “publishers” and “advertisers,” we’ll be talking about “consumers” and “services.” And the infrastructure that connects those two parties should not be a default – it should be driven by competition between independent players.
So bravo, Rubicon, for making that statement so clearly in your S-1. I wish you luck.