Criteo
Criteo S.A. is a French technology company founded in 2005 by Jean-Baptiste Rudelle, Franck Le Ouay, and Romain Niccoli, specializing in AI-powered commerce media platforms that enable personalized display advertising and performance marketing for e-commerce.[1][2] Headquartered at 32 Rue Blanche in Paris, the company operates 25 offices worldwide and employs over 3,600 people, serving more than 17,000 customers by delivering over 5 billion ad impressions daily across the open internet.[3][4] Criteo's platform connects brands, retailers, agencies, and publishers to facilitate targeted retargeting, audience matching, and commerce outcomes through machine learning algorithms that analyze user behavior without relying heavily on third-party cookies.[5][6] Listed on NASDAQ under the ticker CRTO since its 2013 IPO, the firm has established itself as a key player in digital advertising by emphasizing scalable, data-driven solutions for the retail media ecosystem.[7] Notable achievements include pioneering innovations in computational advertising via its AI Lab and achieving consistent revenue growth to approximately $1.94 billion in trailing twelve months as of 2025, though the company has faced significant regulatory challenges.[8][9] In 2023, France's CNIL imposed a €40 million fine on Criteo for GDPR violations, including inadequate transparency and failure to obtain valid consent for placing tracking cookies on users' devices, highlighting ongoing tensions in adtech data practices.[10][11]
Overview
Founding and Leadership
Criteo S.A. was founded on October 3, 2005, in Paris, France, by Jean-Baptiste Rudelle, Franck Le Ouay, and Romain Niccoli as a recommendation engine initially focused on movie suggestions.[12][13] The company emerged from a French startup incubator, leveraging early machine learning techniques to analyze user behavior for personalized recommendations, which later pivoted to performance-based display advertising by 2008.[1][14] Criteo achieved profitability in its first full year of ad operations in 2009, marking a rapid transition from recommendation systems to commerce-focused ad tech.[13] Jean-Baptiste Rudelle, a co-founder with a background in technology and entrepreneurship, served as the company's initial chief executive officer and later as chairman, guiding its expansion into global markets.[15][16] Rudelle returned to the CEO role in April 2018 to steer strategic growth following challenges from regulatory changes like GDPR, but stepped down in 2023 amid a leadership transition.[17] As of February 15, 2025, Michael Komasinski serves as Criteo's chief executive officer and board member, bringing over 20 years of ad tech experience from prior roles at companies including Integral Ad Science and Collective.[18][19] Komasinski succeeded Megan Clarken, focusing on accelerating growth in commerce media and AI-driven solutions amid competitive pressures in digital advertising.[20] The leadership team also includes Sarah Glickman as chief financial officer and Todd Parsons as chief product officer and president of performance media, emphasizing operational efficiency and product innovation.[3]Core Business and Technology
Criteo operates a commerce media platform that connects brands, retailers, and publishers to deliver personalized, performance-based advertising across the open internet, transforming generic ads into targeted commerce opportunities driven by consumer intent signals.[6] The core business emphasizes retargeting and full-funnel marketing solutions, where advertisers pay primarily on a cost-per-click or performance basis, leveraging real-time data to optimize for conversions such as sales or leads.[3] This model relies on first-party commerce data from partner sites, enabling precise audience segmentation without heavy dependence on third-party cookies.[21] Central to Criteo's technology is its AI engine, which processes billions of daily commerce events using machine learning to predict user behavior and personalize ad creatives, placements, and bidding in real time.[22] Algorithms incorporate deep learning techniques for tasks like recommendation systems—originally inspired by early movie suggestion engines—and vector databases to enhance retargeting accuracy by embedding product and user similarities.[23] [24] The platform's infrastructure supports hyper-personalization by analyzing vast datasets of browsing, purchase, and contextual signals, achieving higher return on ad spend through automated optimization rather than manual rules-based targeting.[25] Criteo's tech stack integrates with publisher networks and retailer media ecosystems, allowing seamless ad serving on websites, apps, and emerging channels while prioritizing privacy-compliant methods like contextual and on-site targeting.[26] Innovations from the Criteo AI Lab focus on computational advertising research, including advancements in causal inference for ad impact measurement and scalable ML models that handle petabyte-scale data for global operations.[27] This enables the platform to serve over a billion unique users monthly, with core algorithms evolving from initial predictive bidding in 2005 to today's agentic AI for dynamic campaign management.[28]Market Position and Scale
Criteo operates as a mid-tier player in the global advertising technology sector, with fiscal year 2024 revenue of $1.93 billion, representing a slight decline of approximately 0.5% from $1.94 billion in 2023.[9] The company's market capitalization stood at approximately $1.2 billion as of October 25, 2025.[29] It employs 3,507 people worldwide as of December 31, 2024, supporting operations across 25 offices in regions including North America, Europe, Asia-Pacific, and South America.[30][3] Headquartered in Paris, France, Criteo maintains a significant U.S. presence with offices in New York, Boston, and Ann Arbor, alongside locations in São Paulo, Brazil, and other international sites.[31] This infrastructure enables service to over 17,000 customers and the delivery of more than 5 billion ads daily.[3] In terms of market positioning, Criteo has established leadership in niche segments of commerce media and retail media networks, earning the top ranking in the IDC MarketScape: Worldwide Retail Media Network Service Providers 2024 report.[32] IDC data also identifies Criteo as holding the number one market share in advertising software overall.[33] Its retail media revenue reached $258 million in 2024, reflecting diversification from traditional retargeting amid challenges like third-party cookie phase-outs.[34] However, in the broader ad tech landscape dominated by giants like Google (with advertising revenue exceeding $200 billion annually), Criteo's scale remains comparatively modest, positioning it as a specialized provider focused on performance-driven commerce outcomes rather than a comprehensive platform leader.[35]| Key Metrics (FY 2024) | Value |
|---|---|
| Revenue | $1.93 billion[9] |
| Employees | 3,507[30] |
| Offices Worldwide | 25[3] |
| Retail Media Revenue | $258 million[34] |
| Market Cap (Oct 2025) | ~$1.2 billion[29] |
Historical Development
Inception and Early Expansion (2005–2012)
Criteo S.A. was incorporated on November 3, 2005, in Paris, France, as a société par actions simplifiée by Jean-Baptiste Rudelle, Franck Le Ouay, and Romain Niccoli, with Rudelle serving as the initial chief executive officer.[36] [37] The founders, including former Microsoft engineers Le Ouay and Niccoli, aimed to develop advanced machine learning technologies for digital advertising, initially prioritizing research and development over commercial operations.[37] During its first years, Criteo focused on building the Criteo Engine, a proprietary predictive modeling system using algorithms to analyze user behavior for personalized ad retargeting.[36] [37] In 2006, the company raised €5 million (approximately $6.6 million) in Series A funding from Elaia Partners and Idinvest Partners to support algorithm development for tracking and recommendation systems.[37] This was followed by a €7.5 million (approximately $10.4 million) Series B round in 2008, prior to the April launch of its inaugural product—a performance display advertising solution emphasizing dynamic retargeting based on user intent data.[37] Early expansion emphasized European markets, with initial client adoption among e-commerce retailers.[36] In 2010, Criteo established its first U.S. office in Silicon Valley to pursue North American growth, coinciding with a client base expansion from 832 advertisers that year.[36] Revenue accelerated from €65.6 million in 2010 to €143.6 million in 2011 and €271.9 million in 2012, driven by scaling operations across multiple countries and partnerships like the strategic alliance with Yahoo! Japan.[36] By late 2012, cumulative funding exceeded $63 million, including a €30 million Series D round led by SoftBank Capital Partners and Yahoo Japan, which facilitated further international footprint development in preparation for broader global deployment.[38] [37]Public Listing and Maturation (2013–2019)
Criteo completed its initial public offering (IPO) on October 30, 2013, listing 8.1 million American Depositary Shares (ADS) on the NASDAQ Global Select Market under the ticker symbol "CRTO" at a price of $31 per ADS, raising approximately $251 million net of underwriting discounts.[39][40] The IPO was upsized from initial plans, reflecting strong investor interest in the company's performance-based advertising model, with shares opening at $34.50 and closing the first day at $36.60.[41] Proceeds supported general corporate purposes, including further investment in technology infrastructure, product development, and geographic expansion beyond its European base.[42] Post-IPO, Criteo accelerated international scaling, enhancing its platform to estimate consumer intent across more than 130 markets by mid-2014, which facilitated broader advertiser access to global inventory.[43] Revenue grew substantially, from $153 million in 2013 to $1.79 billion in 2016, driven by increased adoption of its retargeting technology and expansion into mobile and video formats.[9][44] The company bolstered its capabilities through targeted acquisitions, including mobile tracking firm AD-X in July 2013 to strengthen app-based advertising, and a $250 million purchase of HookLogic in October 2016, which added sponsored product and retail media functionalities to diversify beyond pure retargeting.[45] These moves integrated supply-side tools, enabling Criteo to handle end-to-end commerce ad campaigns. By 2018–2019, Criteo further matured its offerings with acquisitions like Storetail in October 2018 for native ecommerce monetization and Manage in the same year to enhance mobile app install solutions, reflecting a strategic pivot toward comprehensive commerce media services.[46][47] Revenue stabilized around $2.29 billion in 2018 before a slight decline to $2.26 billion in 2019, amid intensifying competition from walled gardens and regulatory pressures on data privacy, yet the firm maintained high client retention above 90% through refinements to its AI-driven engine, which processed billions of daily events for predictive modeling.[9][48] This period marked Criteo's transition from a retargeting specialist to a scaled platform operator, with operations spanning North America, Europe, and Asia-Pacific, though growth rates moderated as the company invested in compliance with emerging standards like GDPR.[49]Adaptation and Diversification (2020–Present)
In response to evolving privacy regulations and the anticipated deprecation of third-party cookies, Criteo accelerated its shift toward first-party data and contextual targeting starting in 2020, conducting extensive testing of Google's Privacy Sandbox APIs, which revealed potential publisher revenue declines of up to 60% on Chrome if implemented without further refinements.[50] By 2023, the company outlined a multi-pronged addressability strategy emphasizing consented data collection, server-side tracking, and AI-enhanced modeling to mitigate signal loss, enabling sustained performance media capabilities independent of cookies.[51] This adaptation proved resilient; by early 2025, Criteo executives stated the firm no longer structures its business around cookie deprecation, having diversified revenue to reduce reliance on legacy signals.[52] Diversification efforts centered on expanding beyond traditional retargeting into retail media and commerce solutions, marked by strategic acquisitions. In May 2021, Criteo acquired Mabaya, a retail media technology provider specializing in sponsored products for e-commerce marketplaces, to bolster onsite advertising capabilities for retailers.[53] This was followed in August 2022 by the $230 million acquisition of IPONWEB, a programmatic ad trading platform, which integrated advanced bidding algorithms and enhanced Criteo's demand-side platform for scalable media buying.[54] These moves supported the launch of a unified commerce media platform, incorporating AI-driven personalization and predictive tools to connect brands with over 230 retailers across onsite, offsite, and in-app channels.[55] By 2025, retail media had emerged as a core growth driver, with Criteo introducing self-service auction-based display products and forging partnerships to extend reach, such as a multi-year deal with DoorDash for expanded ad access and integration with Google Search Ads 360 as the first retail media partner, granting brands entry to 200+ retailers.[56] Leadership realignments under CEO Megan Clarken, appointed in late 2024, further streamlined operations by consolidating product, R&D, and commercial teams into performance media and retail media divisions, aiming for AI-optimized agentic commerce and margin expansion.[57] These initiatives positioned Criteo to capture retail media's projected growth, leveraging proprietary data sets for targeted activations amid broader ad tech consolidation.[58]Products and Services
Retargeting and Display Advertising
Criteo's retargeting services center on dynamic retargeting, a strategy that delivers personalized display and video advertisements to users who have previously interacted with a brand's website or app but failed to complete a desired action, such as a purchase. This approach leverages data from approximately 720 million daily active users to re-engage shoppers across web, mobile, and social platforms, reminding them of viewed products and encouraging conversions through contextually relevant creatives.[59] Unlike remarketing, which primarily employs email campaigns like abandoned cart notifications, Criteo's retargeting focuses on display and native ad formats distributed via programmatic channels on websites, apps, and social networks including Facebook, Instagram, and TikTok.[60] The process begins with pixel-based or list-based tracking of user behaviors, such as product page views or cart additions, to build audience segments. Machine learning algorithms then predict purchase intent and automate ad delivery in real-time auctions, optimizing for factors like bid strategy and relevance to maximize return on ad spend (ROAS). Campaigns support various retargeting types, including search retargeting for query-based reminders and social retargeting for platform-specific engagement, enabling cross-device continuity to follow users seamlessly.[60] This full-funnel methodology integrates commerce data with AI to adapt ads dynamically, reportedly boosting efficiency by aligning creatives with individual browsing histories and preferences.[61] Central to Criteo's display advertising capabilities is Dynamic Creative Optimization+ (DCO+), a patent-pending technology that generates individualized ads in real time while adhering to brand guidelines. DCO+ features three core modes: dynamic personalization of product recommendations, which Criteo claims yields 80% higher click-through rates (CTR) and 150% higher conversion rates compared to static image ads; showcase for highlighting best-sellers or new arrivals via video or images; and adaptive creation from minimal brand assets, extending reach to 18% more domains with 14% higher CTR and 30% higher ROAS versus images.[62] Integrated into retargeting workflows, DCO+ uses machine learning to continuously refine ad content, ensuring scalability across display formats without manual intervention.[59] In June 2025, Criteo introduced auction-based display advertising as an enhancement to its retail media offerings, launched on June 17 to provide programmatic bidding options alongside traditional fixed pricing. This feature allows advertisers to bid dynamically based on real-time market conditions, such as seasonal demand or category fluctuations, while incorporating relevancy controls to prioritize high-intent placements. Available globally, it integrates with Sponsored Products, video, and other formats on a unified platform, aiming to unlock additional monetization for retailers like Costco and Albertsons Media Collective by accessing broader national budgets through standardized measurement and execution.[63] Overall, these display tools emphasize performance-driven outcomes, with continuous optimization via AI to elevate conversions and expand audience reach beyond initial site visitors.[59]Retail Media and Commerce Solutions
Criteo's Retail Media Platform provides retailers with tools to monetize their websites and apps through sponsored advertising, leveraging first-party shopper data to deliver targeted ads at the point of sale. Retailers can manage vendor marketing programs, grow ad revenue, and maintain control over inventory via an integrated self-service system that supports formats such as sponsored products, display banners, and onsite video.[64][65] Introduced in 2016, sponsored products mimic paid search results to promote items directly within search and category pages, enabling brands to bid on keywords and product attributes.[66] For brands, the platform offers scalable access to retailer audiences through self-service campaign management, allowing precise targeting based on purchase intent and browsing behavior across participating retailer networks. In April 2025, Criteo expanded its offerings with onsite video ads, creating a unified full-funnel suite that combines video storytelling with display and sponsored product formats to drive conversions.[67][68] By June 2025, auction-based display ads were added, introducing programmatic bidding, flexible pricing, and advertiser control to enhance value extraction from retail media inventory.[69] These features position the platform as a comprehensive solution for offsite and onsite advertising, distinct from walled-garden ecosystems like Amazon by emphasizing open interoperability.[70] Complementing retail media, Criteo's Commerce Solutions encompass the broader Commerce Media Platform, which integrates AI-driven tools to connect brands, retailers, and publishers for performance-oriented advertising across digital touchpoints. The Commerce Growth module automates ad acquisition and retention by analyzing commerce signals—such as purchase history and intent—to optimize bidding and creative delivery in real time.[21][71] Commerce Grid functions as a supply-side platform (SSP) tailored for commerce, enabling media owners to execute high-performing campaigns in display, video, native, and connected TV formats while prioritizing transaction-linked outcomes over impressions.[72] In June 2025, Criteo partnered with dentsu to expand global access, allowing agencies to deploy the platform for shoppable media strategies beyond traditional retail confines.[73] This suite emphasizes causal links between ad exposure and sales, using machine learning to attribute revenue without relying solely on last-click metrics.[74]AI-Driven Tools and Integrations
Criteo's Commerce AI platform leverages machine learning algorithms to process real-time commerce data, enabling hyper-personalized advertising by analyzing over 120 shopper intent signals for individualized ad creation.[22] This system draws from a dataset encompassing more than $1 trillion in annual commerce sales and interactions from 720 million daily active shoppers, facilitating precise targeting across the open internet.[6][28] Key AI-driven tools include automated bidding mechanisms that evaluate impressions in real time to optimize cost-per-acquisition, dynamic creative optimization for selecting product images and messaging without manual intervention, and audience segmentation powered by predictive modeling of purchase intent.[75] These features integrate with Criteo's Commerce Media Platform, which uses commerce-focused AI to enhance return on ad spend by prioritizing high-intent placements over traditional demographic targeting.[21] Integrations extend these capabilities through partnerships, such as the September 2025 beta launch with Google Search Ads 360 for onsite retail media activation in the Americas, allowing seamless AI-optimized campaign management across publisher sites.[76] Similarly, the July 2025 global integration with Mirakl Ads enables marketplace operators to deploy Criteo's AI for revenue growth via sponsored product placements informed by cross-channel intent data.[77] Additional API-based connections support data flows into tools like HubSpot for CRM enhancement and Celigo for multichannel audience synchronization, amplifying AI-driven personalization in e-commerce workflows.[78][79] Criteo's hybrid AI approach combines deep learning for pattern recognition in behavioral data with natural language processing for contextual ad relevance, as outlined in their 2025 advancements toward agentic commerce systems where AI autonomously handles campaign adjustments.[80] This methodology supports tools like Commerce Growth, which automates ad acquisition and retention by delivering contextually timed ads based on inferred shopper journeys, reportedly improving engagement rates through reduced reliance on cookies.[71]Business Model and Operations
Revenue Streams and Monetization
Criteo's primary revenue streams originate from its Performance Media and Retail Media segments, reported separately starting in 2024. Performance Media, which encompasses targeted advertising for customer acquisition and retention across open web and app environments, generated $1.675 billion in 2024, representing 87% of total revenue.[81] This segment relies on a cost-per-click (CPC) model, where revenue equals clicks multiplied by CPC rates, supplemented by cost-per-mille (CPM) for impressions, with advertisers paying only for delivered performance outcomes such as clicks or views.[82][81] Additional monetization includes demand-side platform fees, managed-service fees for campaign optimization, and insight fees from data analytics.[81] Retail Media, focused on enabling retailers to monetize onsite and offsite inventory through sponsored products, display ads, and commerce yield solutions like Commerce Yield, contributed $258.3 million in 2024, or 13% of total revenue, marking 24% year-over-year growth.[81] Monetization here occurs via supply-side platform fees, technology licensing fees, and a percentage of working media spend, typically on a net basis after traffic acquisition costs (TAC), which are payments to publishers for ad inventory access.[81] This segment leverages first-party retailer data and AI to attract brand demand, with revenue recognized upon ad delivery or spend allocation.[83] All revenue is reported net of TAC, which averaged significant portions of gross media spend—$4.3 billion activated in 2024—ensuring alignment with performance outcomes rather than gross ad placements.[81] The model emphasizes scalability through AI-driven bidding and optimization, with no minimum spend requirements in many contracts, though client concentration remains a factor, as the top 10 clients accounted for 17.1% of 2024 revenue.[81]| Segment | 2024 Revenue ($M) | % of Total | YoY Change |
|---|---|---|---|
| Performance Media | 1,675.0 | 87% | -4% |
| Retail Media | 258.3 | 13% | +24% |
| Total | 1,933.3 | 100% | -1% |
Global Operations and Partnerships
Criteo, headquartered at 32 Rue Blanche in Paris, France, operates a global network of over 20 offices across multiple continents to support its commerce media platform.[84][85] The company maintains presences in the Americas (including the United States with offices in New York, Boston, and Ann Arbor; Canada; and Brazil in São Paulo), Europe (such as London), the Middle East (Dubai), Asia-Pacific (Sydney), and other regions, enabling localized operations in performance media and retail solutions.[31][86] This distributed structure facilitates international expansion, with sustained growth in the U.S. market through multiple domestic sites since its early years.[87] Criteo's global operations emphasize regional adaptation, including a unified framework for initiatives across EMEA, Americas, and APAC to drive commerce advertising efficiency.[88] The company leverages this footprint to connect brands, retailers, and publishers in diverse markets, processing over $1 trillion in annual commerce sales data for targeted advertising.[63] In partnerships, Criteo collaborates with technology providers, agencies, and retailers to integrate its AI-driven tools into broader ecosystems, undergoing rigorous reviews for ecosystem compatibility.[89] Key alliances include a September 2025 integration with Google as its first onsite retail media partner, enhancing brand access to search-driven commerce channels via Google Search Ads 360.[76] Similarly, a June 2025 global commerce media pact with Dentsu consolidates retail audience data within Dentsu Connect for cross-channel consumer targeting.[90] Recent expansions feature a multi-year October 2025 deal with DoorDash, where Criteo extends U.S. ad sales to reach consumers at purchase points, and an August 2025 partnership with India's Zepto to boost offsite quick commerce advertising.[91][92] Additional collaborations, such as July 2025 integrations with Mirakl Ads for marketplace revenue and WPP Media for commerce signals in connected TV inventory, underscore Criteo's strategy to scale retail media globally without heavy operational burdens on partners.[77][93]Acquisitions and Strategic Moves
In 2016, Criteo acquired HookLogic, a performance marketing platform specializing in retail media, ad serving, and attribution for retailers, for $250 million in cash, with the deal completed on November 10.[94] This move extended Criteo's reach into sponsored product advertising and strengthened its ecommerce ecosystem integration, though Criteo later divested HookLogic's travel business unit to Koddi in December 2017 to focus on core retail segments.[95] Criteo accelerated its retail media expansion in 2021 with two acquisitions. On May 20, it purchased Mabaya, a technology provider for sponsored products and marketplace monetization, enabling tailored solutions for online platforms like Amazon and Walmart.[53] Later that year, it acquired Gradient, a commerce data analytics firm, to enhance insights for retail media campaigns.[96] These deals diversified Criteo's offerings beyond traditional retargeting into sponsored search and product ads. The company's largest acquisition came in 2022 with IPONWEB, a programmatic advertising platform, initially negotiated for $380 million ($305 million cash plus $75 million in shares) in December 2021 but restructured to $250 million ($180 million cash plus $70 million shares) and closed on August 3, 2022.[97] IPONWEB added advanced bidding technology and diversified revenue, contributing over $100 million in annual revenue ex-TAC from inception with projected 20% growth.[98] In March 2023, Criteo acquired Brandcrush, an Australian platform for omnichannel retail media including in-store digital screens, to build holistic monetization tools bridging online and offline channels.[99] This supported Criteo's pivot toward comprehensive retail media amid cookie deprecation challenges. Beyond acquisitions, Criteo has formed strategic partnerships to bolster distribution. In October 2025, it signed a multi-year deal with DoorDash to integrate brand and agency demand into the platform's grocery and convenience advertising, expanding access to high-intent consumers.[91] Internal moves include promoting Connor McGogney to Chief Strategy Officer in August 2025, leveraging his role in prior partnerships and deals to drive commerce media growth.[100] These efforts reflect Criteo's focus on AI-enhanced retail media amid competitive pressures in ad tech.[101]| Acquisition Date | Company | Deal Value | Primary Focus |
|---|---|---|---|
| November 2016 | HookLogic | $250 million | Retail media and attribution |
| May 2021 | Mabaya | Undisclosed | Marketplace sponsored products |
| 2021 | Gradient | Undisclosed | Commerce insights |
| August 2022 | IPONWEB | $250 million (restructured) | Programmatic bidding |
| March 2023 | Brandcrush | Undisclosed | Omnichannel retail media |
Financial Trajectory
Pre-IPO Funding and Investments
Criteo raised approximately $60 million in venture capital funding across four rounds prior to its initial public offering in October 2013.[102] The funding supported the company's expansion in personalized retargeting technology and international growth, attracting prominent European and U.S. investors focused on ad tech and e-commerce.[103] The initial Series A round occurred in 2006, securing $3.77 million from AGF Management Limited and Elaia Partners to establish operations in performance marketing.[102] This was followed by a Series B in January 2008, raising $10.4 million led by Index Ventures, which enabled scaling of its algorithmic platform.[104][102] In May 2010, a Series C round brought in $7 million from Bessemer Venture Partners, funding further product development amid growing demand for dynamic ad retargeting.[102] The largest pre-IPO infusion came via a Series D in September 2012, with $38.8 million led by SoftBank Capital and including Sapphire Ventures, positioning Criteo for U.S. market penetration and IPO preparation.[102] Key pre-IPO stakeholders included Index Ventures (holding 23.4% equity), IDInvest Partners (22.6%), and Elaia Partners, reflecting strong backing from funds experienced in scaling tech startups.[103] These investments totaled around $63 million in some estimates, underscoring investor confidence in Criteo's machine learning-driven ad personalization amid a competitive landscape.[103][105]| Round | Date | Amount Raised | Key Investors |
|---|---|---|---|
| Series A | 2006 | $3.77M | AGF Management Limited, Elaia Partners |
| Series B | Jan 15, 2008 | $10.4M | Index Ventures (lead) |
| Series C | May 6, 2010 | $7M | Bessemer Venture Partners (lead) |
| Series D | Sep 25, 2012 | $38.8M | SoftBank Capital (lead), Sapphire Ventures |
IPO Performance and Stock History
Criteo S.A. priced its initial public offering of 8,082,580 American Depositary Shares at $31 per share on October 29, 2013, raising approximately $251 million before underwriting discounts.[40][106] Trading began on the NASDAQ under the ticker symbol CRTO the following day, October 30, 2013, with shares closing at $35.39, a 14% increase from the IPO price amid strong initial demand in the ad tech sector.[107] Following the IPO, CRTO stock surged, achieving an all-time high closing price of $58.90 on March 5, 2014, more than 90% above the IPO level, driven by robust growth in retargeting advertising revenue.[108] The shares subsequently faced prolonged downward pressure, reflecting broader digital advertising market headwinds such as platform policy changes and economic cycles, with periodic recoveries tied to earnings beats or strategic announcements.[109] By late 2025, CRTO traded at $20.77 per share as of October 23, marking a decline of over 33% from the IPO price and underperforming the broader market, with a 52-week range of $19.50 to $47.27.[108] An initial $1,000 investment at the IPO price would equate to roughly $670 in value at that closing price, excluding dividends or fees.[108] The stock's five-year compound annual growth rate through 2025 remained positive at approximately 48% from prior lows but trailed IPO-era highs amid ongoing sector disruptions.[110]Recent Financial Metrics and Projections
In the second quarter of 2025, ended June 30, Criteo reported revenue of $483 million, reflecting a 2% year-over-year increase, or flat growth at constant currency. Contribution ex-TAC, a core metric excluding traffic acquisition costs, reached $292 million, up 9% year-over-year and 7% at constant currency, driven by growth in retail media and performance advertising segments. Gross profit rose 11% to $259 million, while adjusted EBITDA declined 4% to $89 million. Net income attributable to shareholders was $23 million, down 18% year-over-year, with diluted earnings per share at $0.39, a 15% decrease.[111][112] For the first half of 2025, revenue totaled $934 million, up 1% year-over-year, with Contribution ex-TAC increasing 7% to $556 million and adjusted EBITDA rising 11% to $182 million. Net income for the period surged 72% to $63 million, yielding diluted EPS of $1.05, an 81% improvement, supported by share repurchases totaling $104 million in the first half. These results underscore operational efficiency amid investments in AI-driven commerce media platforms, though legacy display advertising faced headwinds from cookie deprecation.[111]| Metric | Q2 2025 | YoY Change | H1 2025 | YoY Change |
|---|---|---|---|---|
| Revenue | $483M | +2% | $934M | +1% |
| Contribution ex-TAC | $292M | +9% | $556M | +7% |
| Gross Profit | $259M | +11% | $495M | +10% |
| Adjusted EBITDA | $89M | -4% | $182M | +11% |
| Net Income | $23M | -18% | $63M | +72% |
| Diluted EPS | $0.39 | -15% | $1.05 | +81% |