The Aperiam Podcast Reading the Market with Terry Kawaja
12 snips
Apr 1, 2026 
Terry Kawaja, founder of LUMA Partners and ad tech dealmaker, offers sharp market reading. He breaks down the M&A rebound and why valuations favor high-growth capability plays over legacy open web assets. He explains U.S. dominance, why many European entrants struggle, the misplaced SaaS push, the agentic interface shift, CTV’s potential, and skepticism about AI hype in 2026.
AI Snips
Chapters
Transcript
Episode notes
Valuations Split Between Growth Capabilities And Legacy Open Web
- Valuations are a barbell: high for growth/capability plays (CTV, AI, retail media) and low for legacy open-web/display businesses.
- Kawaja notes public open-web companies trading at 2–6x EBITDA while capability firms fetch healthy multiples.
Adtech Innovation Is Concentrated In The US
- The US dominates adtech innovation and exits because that's where marketing spend and venture capital concentrate.
- Kawaja lists France, Scandinavia and Israel as rare exceptions; Asia, Latin America and Africa contribute almost nothing.
Think Twice Before Planting A US Flag
- Avoid assuming US expansion is easy; planting a flag in America often extends time to exit and adds complexity.
- Kawaja warns European founders they'll likely add five to ten years and significant heartache when entering the US.