The Aperiam Podcast The M&A Playbook
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Mar 18, 2026 Jake Vachal, Managing Director at Raine focused on Adtech and merchant banking. He breaks down why M&A is heating up now and what buyers and sellers are prioritizing. He explains Raine’s hybrid advisor-investor model and the criteria that win representation. He also describes how AI suddenly accelerated market cycles and reshaped dealmaking timelines.
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Boards Rethink Equity Stories Because AI Is Reshaping Adtech
- Boards and management are urgently rethinking equity stories because agentic AI will reshape adtech infrastructure in the next 12 to 18 months.
- Jake says many companies with healthy margins are asking RAINN for strategic options to survive a choppy market where profitable positioning matters.
How AT&T Deals Shaped Jake's Adtech Path
- Jake's adtech origin came from working AT&T deals including AppNexus (Xandr) where telecoms sought to glue big acquisitions via advertising.
- That corporate M&A exposure taught him to advise media and telco clients on connecting customer data to advertising, shaping RAINN's merchant model.
Start Exit Processes Six To Fifteen Months Ahead
- Plan strategic processes 6 to 15 months ahead because boards often begin planning at quarter boundaries aiming for year-end outcomes.
- Jake says Q1 calls spike as teams seek stability and timeline alignment to execute exits within the calendar year.