The agreement will see Cadent continue to operate as a standalone brand with a focus on audience targeting across connected television, traditional television and digital advertising.

Pascal Tremblay, chief executive at Novacap, said: “Cadent, as a pioneer in converged TV advertising, embodies the kind of innovative, growth-focused company we aim to partner with.

“Our extensive capabilities in accelerating high-growth technology companies make us an ideal partner to support Cadent.”

Nick Troiano, chief executive at Cadent, added: “The completion of this transaction marks the beginning of an exciting new chapter for Cadent.

“Our customer focus and dedication remains unchanged, and we expect that our partnership with Novacap will only accelerate our vision of the future of advertising – one that is audience-first, data-infused, and activated seamlessly across all converged media.”