News
LDC exits Blis to T-Mobile following global expansion
5 Mar 2025
LDC, the leading private equity investor, has exited its investment in Blis to T-Mobile following a successful three-year partnership, in a transaction that values the business at $175m.
Blis is an innovative provider of powerful and privacy-centric advertising solutions with advanced omnichannel targeting capabilities to connect brands with audiences.
LDC invested in Blis in June 2022, backing the management team led by Founder and CEO Greg Isbister and including CFO Parm Dhami, CTO Aaron McKee, CPO Amy Fox, Global Commercial Officer Dave King and President of Blis US Alex Boras.
With LDC’s support, Blis has invested heavily in its technology platform, people and expanded its client relationships. As a result, Blis’ turnover increased by 75% during its partnership with LDC, and its headcount grew from 240 to more than 320 on the back of significant expansion across Europe, the USA and Asia.
Blis will bolster T-Mobile’s ability to deliver more addressable omnichannel advertising with future-proof, cookie-less technology and targeting capabilities, enhancing T-Mobile’s own marketing efforts and offering a comprehensive, privacy-centric solution for other brands.
Blis was originally founded by CEO Greg Isbister in 2004 with a grant from the King’s Trust, a charity that LDC has supported since 2019. Today, LDC is the leading supporter of young entrepreneurs at The King’s Trust having helped more than 4,400 young people from a diverse range of backgrounds to start, sustain and grow their own business.
“We’ve been on a remarkable journey since LDC’s investment in 2022. The team have helped us to capitalise on opportunities for growth and supported continued investment in our technology platform and our people. We can’t wait to see what we can achieve next as part of T-Mobile’s international group of companies.”
“As one of the largest advertisers in the U.S., T-Mobile manages complex campaigns across multiple business units and products,” said Vinayak Hegde, Consumer Chief Marketing Officer, T-Mobile. “That means we need ad solutions that are both consumer-friendly and capable of delivering results at scale. Our early pilots with Blis showed us the power of its addressability, especially on mobile devices where standard identifiers fall short. It’s a key addition to our broader suite of ad tech partners and we’re excited about its potential—not just for T-Mobile’s own campaigns, but for other marketers as well.”
David Andrews, Partner, LDC said: “Blis is a prime example of an innovative technology provider disrupting the advertising industry. Today brands of every size want solutions that let them connect meaningfully with their audiences while respecting their privacy. Greg and his team have created a business that does just that, allowing brands and agencies to identify and target relevant audiences across channels with its cookie-less, future-proof technology. The sky is truly the limit as they enter an exciting new phase with T-Mobile. It has been a pleasure working with Blis over the last three years and we wish them the best of luck.”
LDC and Blis were advised by Houlihan Lokey (Financial) and DLA Piper LLP (Legal).
T-Mobile was advised by Allen & Company (Financial advisor) and Cleary Gottlieb Steen & Hamilton LLP (Legal).