Today we filed a complaint against Google to seek compensation for the harm caused to our business — and the entire digital advertising ecosystem — by years of anticompetitive behavior. Our action follows the clear and unambiguous findings of the U.S. District Court earlier this year, which confirmed what many in our industry have long suspected: that Google unlawfully acted as a monopolist, rigging a marketplace that should have supported content creators by rewarding innovation and fair competition.
I wanted to share my thoughts on why we believe this step is necessary — not just for PubMatic, but for the future of the open internet.
The Vision We Started With
When I founded PubMatic in 2006, our core mission was to improve the efficiency of online advertising through automated technology that would benefit publishers, and ultimately everyone in the ecosystem. It’s in our name just as it’s in our DNA — PubMatic is the combination of “publisher” and “automatic.” As we near our company’s 20th anniversary, I am proud of what we have achieved towards this goal. Our growth and success in the market is a reflection of the genuine value that we create – for publishers, advertisers and consumers.
But here’s the reality we’ve had to navigate: despite our innovation and the clear value we deliver, our impact and growth have been constrained by a marketplace distorted by a monopolist. We’ve been competing on a tilted playing field where greed superseded innovation and coercion blocked transparency. These practices have diverted billions in ad revenue away from independent platforms like ours and the publishers we support.
The fact that we were able to double our market share from 2% to 4% in the last five years even in such an unfair environment is a testament to our team’s dedication, creativity and relentless innovation. Imagine what we – and the entire industry together – could have achieved in a truly competitive and fair environment.
Championing an Open Internet Where Innovation Thrives
At PubMatic, we believe in the power of fair competition, where publishers can monetize more effectively, advertisers can maximize the impact of their spend, and consumers can experience a richer internet with a greater diversity of ideas and content.
Competition is the cornerstone of innovation — but when one company dominates unfairly, everyone else pays the price – not just competitors, but the entire ecosystem of publishers, advertisers, and ultimately consumers who deserve better choices and experiences.
When markets function properly, innovation accelerates. They create the conditions for faster investment, bolder ideas, and better tools for publishers, advertisers, and consumers alike. They reward merit over dominance, encouraging the kind of risk-taking and innovation that drives real progress. A more level marketplace will empower independent companies like ours to take bigger bets and drive faster progress, ultimately benefitting our customers and consumers.
Looking Ahead
As I’ve written before, the era of closed walled gardens is already giving way to a more open, collaborative ecosystem. We’re seeing this transformation accelerate in new formats and capabilities throughout the industry. Independent retail media networks, social platforms working with independent partners, AI-centric innovation and the growing demand for curated, transparent supply paths all signal a fundamental shift.
Our legal action is not just intended to recoup damages based on the past, but it is also meant to set the stage for a better future for this dynamically changing digital advertising ecosystem, which is increasingly dependent on AI. We are now ensuring that we are well positioned and appropriately resourced to innovate for our customers and deliver value for our shareholders in that new competitive environment.
Importantly, it’s a step towards continuing to champion a fair, open internet that fuels the endless potential of content creators and sustains quality journalism, information, and entertainment through advertising.
This transformation will unlock a new era defined by fairness, collaboration, and renewed trust in the ad-supported internet, one where the open internet serves as the world’s most dynamic marketplace for ideas, information, and commerce.
PubMatic is committed to leading this transformation. Because the future of this industry will not be decided by dominance or coercion, but by the strength of ideas, the power of innovation, and the trust we earn.
That is the future PubMatic is fighting to build — and that’s why we’re taking action today.
Forward-Looking Statements
Certain statements in this communication are or may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s action against Google and the outcome of that action. Forward-looking statements can generally be identified by words such as “believe,” “could,” “seek,” “will,” “may,” and similar expressions. These statements are based on management’s current views and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these statements, including the uncertainty of the outcome of the action against Google and any injunctive relief and damages or amounts received in connection with the action, if any. For a discussion of some of the additional risks and important factors that could cause actual results to differ from such forward-looking statements, see the risks and other factors detailed from time to time in the Company’s Annual Report on Form 10-K, our quarterly reports on Form 10-Q, the Company’s Current Report on Form 8-K filed September 8, 2025, and our other filings with the Securities and Exchange Commission. Furthermore, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. There is no guarantee that any of the events anticipated by the Company’s forward-looking statements will occur. Except to the extent required by law, the Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
