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The Core Motivation: Reclaiming the Exchange Layer
Why Andrew Casale Wants to Buy Google’s AdX
When Andrew Casale, CEO of Index Exchange, took the stand during the DOJ v. Google remedy trial, he didn’t mince words. Amid the courtroom jargon and economic models, he dropped a single sentence that rippled through the adtech world: he’d like to buy AdX.
That one statement wasn’t just ambition—it was a manifesto. It marked the first time in years that someone from the independent adtech world openly claimed they could fix the internet’s plumbing better than Google. And for once, regulators seemed ready to listen.
The Core Motivation: Reclaiming the Exchange Layer
To understand why Casale wants AdX, you have to understand what AdX is. It’s not just an exchange—it’s the clearinghouse of the open web. Every second, millions of auctions flow through it, deciding which ad appears on which site, and at what price.
Google didn’t build AdX to be neutral—it built it to be vertical. By tying AdX to DoubleClick for Publishers (DFP) and its demand stack, Google ensured that the auction always had a house advantage. The DOJ’s case revealed this in stark terms: AdX wasn’t just winning on merit; it was winning because it owned the playing field.
Casale, for his part, has been quietly building a business designed to prove the opposite model can work. Index Exchange has long branded itself as the “clean” SSP—no hidden fees, no sketchy auction tactics, no ghost impressions. Its entire pitch is built on trust, transparency, and technical rigor.
Now imagine that DNA applied to AdX—the world’s most powerful ad marketplace. Under Casale’s leadership, AdX could finally become what it was supposed to be: a neutral exchange layer that doesn’t favor any one demand source or publisher.
Strategically, it would achieve three massive goals:
Control the Infrastructure: Index would no longer be competing around Google’s architecture—it would own it.
Rebuild the Open Internet’s Plumbing: By turning AdX into a transparent, API-driven, auditable platform, Casale could give publishers confidence that they’re not being silently undercut.
Create a Public-Utility Standard: An AdX under Index could function almost like the FedWire of adtech—a trusted clearinghouse for value exchange across every other SSP and DSP.
This is the culmination of what Casale’s been preaching for years: that independence is the only path to equilibrium in an ecosystem where consolidation has hollowed out the middle.
The Power Play: Becoming the Regulator’s Chosen Heir
Casale’s declaration wasn’t just business—it was politics. He knows that the DOJ, EU, and CMA aren’t looking for another Google—they’re looking for a steward. Someone who can take a broken system and make it function without recreating monopoly conditions.
Index is uniquely positioned for that role:
No DSP or Buy-Side Conflict: Unlike Google or Amazon, Index doesn’t control advertiser demand. That makes it regulator-friendly by design.
Technical Provenance: Index already powers major integrations like Mozilla Ads, proving it can handle large-scale exchange operations independently.
Clean Brand Reputation: In an industry littered with opacity and fraud scandals, Index has largely avoided mud. That matters when the DOJ is choosing who gets the keys to the kingdom.
By signaling interest early, Casale positioned himself as the DOJ’s most credible white knight—the one who could dismantle Google’s vertical monopoly while maintaining continuity for publishers and advertisers.
If AdX divestiture happens, the sale will come with heavy oversight:
Data firewalls separating Index’s existing SSP operations from AdX auction data.
Neutral auction protocols ensuring no favoritism toward Index demand.
Auditability mandates from the DOJ, DG COMP, and CMA to verify fair play.
Casale knows that. In fact, he’s counting on it. Every safeguard that Google resisted is a feature for Index—a company that’s built its brand around being not Google.
The Vision: Turning AdX Into a Public Trust
Casale’s endgame is bigger than just owning a product. It’s about owning the trust layer of the open internet.
Under Google, AdX became a black box—efficient, profitable, and unaccountable. Under Index, Casale imagines something closer to a regulated exchange model, not unlike the NYSE: open, inspectable, governed by consensus rather than secrecy.
That vision aligns perfectly with the direction regulators are heading. The DOJ’s proposed remedies don’t just demand divestiture; they call for open-sourced auction logic and transparent pricing. Index could operationalize that vision immediately, combining AdX’s scale with Index’s culture of clarity.
It would also reframe the balance of power:
Publishers would regain leverage in negotiations.
Advertisers would gain confidence in true market pricing.
Regulators would finally have an industry actor aligned with their reform agenda.
Casale isn’t pretending this would be easy. Separating AdX from Google’s infrastructure will take years, global regulatory coordination, and countless lawyers. But if it works, it would be the largest structural reform in adtech history—a digital equivalent of breaking up AT&T and redistributing the lines.
The Stakes: A Shot at Redemption for the Open Web
If Judge Leonie Brinkema approves the DOJ’s proposed remedies, and AdX is forced into divestiture, it won’t just be another acquisition—it will be a historical correction.
Casale’s interest represents something almost moral in its simplicity: returning the internet’s economy to shared governance instead of corporate control. For a man who built Index on patience, transparency, and quiet stubbornness, this might be his defining moment.
He doesn’t just want AdX because it’s valuable.
He wants it because it’s broken—and he believes he can fix it.
And if he’s right, Andrew Casale won’t just buy a piece of Google.
He’ll buy the future of the open internet itself.
The Rabbi of ROAS