Arohi Asset Management has completely divested its stake in ad verification firm DoubleVerify, selling 1.7 million shares for $20.6 million during the fourth quarter of 2025. The transaction marks a full exit from the software company at a time when DoubleVerify's stock has experienced significant depreciation.
DoubleVerify's equity has declined 58.5% over the past 12 months, reflecting investor concerns about the company's profitability trajectory despite maintaining top-line growth. While the company reported 16% revenue expansion in the period, net income contracted 35% year-over-year through the first nine months of 2025, signaling margin compression in core operations. The divergence between revenue growth and earnings deterioration has weighed on investor sentiment regarding the company's operational efficiency.
The exit by Arohi Asset Management joins a broader pattern of portfolio reassessment among institutional investors as software companies face elevated expectations for profitability alongside revenue growth. DoubleVerify's challenges underscore the ongoing pressure on enterprise software valuations in the current market environment.