Publicis Completes LiveRamp Acquisition After Slower Third-Quarter Growth

The Tip Desk · November 13, 2026 · 2 min read

Revenue reached $214.7 million, up 7.4%, as Publicis closed the $38.50-a-share deal on November 2.

LiveRamp Holdings (RAMP), a data collaboration technology company, closed the third quarter with slower year-over-year revenue growth and then became a wholly owned subsidiary of Publicis Groupe S.A.

Revenue for the three months ended September 30, 2026 was $214.7 million, up 7.4% from $199.8 million a year earlier. That pace trailed the 9.8% increase posted in the three months ended June 30, 2026. U.S. revenue rose 6.6% and international revenue rose 22.0%.

On November 2, 2026, Publicis completed its acquisition of LiveRamp under the May 16, 2026 merger agreement. At closing, each outstanding share converted into $38.50 in cash. The company paused share repurchases through completion of the deal; it bought $0.0 million of stock in the three months ended September 30, 2026, after $17.6 million in the prior quarter.

Gross margin compressed to 69.2% from 70.2% a year earlier. Cost of revenue was $66.1 million. The company said the $14.9 million revenue increase was offset partially by a $6.5 million rise in cloud infrastructure costs driven by increased customer usage.

Income from operations was $23.2 million, and operating margin was 10.8%. Total operating expenses were $125.4 million. Gains, losses and other items, net were $7.2 million, which the company said related primarily to costs associated with the merger. Research and development expense was $36.1 million, sales and marketing $50.0 million, and general and administrative $32.1 million.

Net earnings were $18.8 million, or $0.30 a share, compared with $27.4 million, or $0.42 a share, a year earlier. Income tax expense was $7.8 million, for a 29.2% effective tax rate, versus a $2.4 million tax benefit and a negative 9.8% rate a year earlier. The company said the increase was primarily due to changes in valuation allowance. Total other income, net was $3.3 million.

Direct customers rose to 852 from 845 as of June 30, 2026. The company said it works with more than 500 partners and more than 225 data providers, and that professional services revenue is less than 5% of total company revenue.

Cash and cash equivalents were $394.6 million at September 30, 2026, of which about $25.4 million, or 6.4%, was located outside the United States. Trade accounts receivable, net, were $220.5 million, and days sales outstanding were 94 days. Working capital totaled $433.3 million. Management said existing cash will be sufficient to meet working capital and capital expenditure requirements for the short term and separately in the long term.

Net cash provided by operating activities was $38.2 million in the three months ended September 30, 2026, compared with $57.4 million a year earlier.