In 2022, its revenue rose 32% to $1.58 billion, even as inflation rattled the markets and Apple's (NASDAQ: AAPL) iOS update prevented many advertisers -- including Meta's Facebook and Instagram -- from crafting effective targeted ads. Instead, both companies make it easier to purchase ads on desktop, mobile, and connected TV (CTV) platforms across the "open" internet, which doesn't operate under those big tech umbrellas. However, its sluggish growth, the potential long-term challenges from The Trade Desk's OpenPath, and its heavy dependence on acquisitions could all prevent investors from considering it to be a value play.