Publicis buys LiveRamp in US$2.2b bet on data, AI and agentic marketing

Publicis Groupe is acquiring LiveRamp in a US$2.2 billion all-cash deal, deepening its push into data, identity and AI-powered marketing infrastructure as global agency groups race to build more integrated technology-led models.

Publicis said the acquisition will strengthen its position in “data co-creation”, a capability it sees as central to building smarter AI agents for clients. LiveRamp enables companies to unify, manage and activate data across the digital ecosystem, connecting more than 25,000 publisher domains and 500 technology and data partners across 14 markets.

The company works with brands, retailers, media platforms and data providers to connect fragmented data sources in secure environments, allowing partners to collaborate without exposing sensitive underlying records.

For Publicis, the deal builds on its 2019 acquisition of Epsilon, which gave the group a major identity and first-party data platform. LiveRamp adds clean rooms, data connectivity, marketplace capabilities and a wider partner network, creating what Publicis argues will be a stronger foundation for enterprise AI and agentic business transformation.

“LiveRamp joining Publicis Groupe is the latest demonstration of our commitment to investing in new talent and innovation, ahead of market shifts,” Arthur Sadoun, chairman and CEO of Publicis Groupe, said.

“After acquiring Epsilon in 2019 in the name of personalization at scale and enabling our clients to take back control of their data from the walled gardens, by shifting from cookies to identity, once again we are looking ahead to what’s next.

“By building the future of data co-creation, we’re empowering our clients to generate new, exclusive and proprietary data, to build the smartest, most differentiated AI agents on top of the leading LLMs.”

The acquisition lands as agency holding companies attempt to reposition themselves around AI, data and enterprise transformation rather than traditional advertising services alone. Publicis has been one of the most aggressive groups in pushing that model, using Epsilon, Publicis Sapient and its internal platform Marcel to pitch a more connected operating system for clients.

LiveRamp gives that model another layer. Publicis said the platform will allow companies to create proprietary data assets by connecting internal customer data with partner data from areas such as merchants, payment networks, retail media, publishers and supply chains.

The group said this could help clients build AI agents for use cases such as wealth management, retail journey optimisation and pharmaceutical field-force deployment, moving agentic AI beyond narrow task automation into business growth, customer lifetime value and operational efficiency.

The deal also gives Publicis a larger addressable market and prompted the group to lift its 2027 and 2028 financial objectives. Publicis now expects constant currency net revenue growth of 7% to 8%, up from 6% to 7%, and headline EPS growth of 8% to 10%, up from 7% to 9%.

LiveRamp has 1,300 employees and operates with a recurring revenue model. Publicis said the business has delivered a trailing five-year compound annual growth rate of 13%.

Scott Howe, CEO of LiveRamp, said the transaction would give the company greater resources and flexibility to scale.

“Our customers and partners have always been our North Star, and by joining forces with Publicis, we will have greater resources and flexibility to scale our business, continue innovating our platform, and help them unlock even greater value from their data,” Howe said.

“This transaction also represents the best path forward for our shareholders, delivering significant and certain cash value at a compelling premium.”

Following completion, LiveRamp will continue to be led by Howe, who will report directly to Sadoun. Its numbers will be reported within Publicis Groupe’s Technology segment, alongside Publicis Sapient.

Publicis said LiveRamp will continue to operate as a neutral and interoperable platform, with open access across the ecosystem. The group also said no current or prospective customer would be blocked from using its services and that LiveRamp would continue to protect client, partner and publisher data under existing contractual commitments.

The transaction has been unanimously approved by the boards of both Publicis Groupe and LiveRamp. It is expected to close before the end of 2026, subject to regulatory approvals, LiveRamp shareholder approval and other closing conditions.