A private ad exchange is a digital marketplace where publishers and advertisers can buy and sell advertising space directly, without the involvement of third-party ad networks. Unlike public ad exchanges, which are open to all buyers and sellers, a private ad exchange is invitation-only and offers a more exclusive and controlled environment for transactions. This allows publishers to have more control over who can advertise on their platform and at what price, while also providing advertisers with access to premium and targeted inventory. Private ad exchanges offer a more efficient and transparent way for publishers and advertisers to connect and negotiate deals, resulting in higher quality and more relevant ads for consumers.