With a 2015 IPO on the roadmap, is Teads really the next Criteo?

With a 2015 IPO on the roadmap, is Teads really the next Criteo?

Screenshot 2015-01-15 10.30.22
AdTech startup Teads announced that it has raised €12 Million from BPIFrance and existing investors, and has raised €12 Million in debt from various banks – HSBC, BNP Paribas, BPIFrance, and Bank of China. The new round of investment comes almost a year after the company announced its merger with eBuzzing, stating then that they will go for a Criteo-like IPO in 2015. The fusion of the two companies saw Teads (the name for the new merged entity) focus on becoming a leader in Video ad technology, helping clients “Distribute and manage video campaigns within premium environments.”
One could argue that Teads is riding a wave following Criteo’s successful 2012 IPO (their initial announcement came months after the Criteo IPO. Teads estimated about $100 Million in 2014 revenue, currently staffed at 350 people across 25 offices. At the time of its IPO announcement, Criteo boasted $350 Million in revenue in the previous year with a profit of $1 Million.
Criteo raised only a bit more than Teads leading up to its IPO – €30 Million – the staff count was, too, likely around the same.
Teads’ revenue doesn’t stack up against Criteo; however, getting display advertising right isn’t the same as getting video advertising right. Teads has built a suite of tools for distributing video advertising, working with brand names like Audi, Nespresso, ING & Samsung, among many others.
Whether Teads will IPO on the NASDAQ like Criteo is not sure; the market is surely hot for video right now. Facebook purchased video ad tech startup LiveRail last year for $400-$500 Million, while companies like Brightcove are in a position to defend their position as among the leading 3rd party video players.