Truth is I think Invite has a smart team, some good relationships but a really simple (but effective) technology that was supporting a really poor business model (less than 10% margins in some cases), and it was easy for Google to take their bare bones technology and integrate into the Google infrastructure.

Price they were paid is not truly indicative of the value of robust DSP business will be and I bet other's will sell for a lot more in months and years to come.

(Google just paid $50MM for Aardvark, so picking up a DSP for $40MM with earn outs is a talent acquisition -- not validation of the tech or traction to date.) Remember -- Google throws off $25MM+ in free cash flow every day, so this is pennies to them... probably didn't even require approval above the Director level.

The deep pockets just placed their bet and established a low benchmark. Yahoo is a mess, MSFT is focused on search, the agency holding co's won't pony up a high multiple (why buy the cow when you can have the milk for near-free?) Who's left? Adobe? Cisco?

If you're a DSP who that raised mega money and which hasn't yet done a recap (I'm looking at you, Turn, AdChemy, Audience Science, et al), you'd better hope you turn profitable and big enough to exit with an IPO, because the exit options are suddenly a lot less attractive.