LOS ANGELES — The digital marketing technology landscape may be expanding, but it isn’t about to go pop, says one of digital media’s most noted banker-advisers.

“We’ve seen a change from media intermediation being an art to more of a science,” Luma PartnersTerence Kawaja tells Beet.TV. “You hear about the word ‘programmatic’… bringing software applications to find audiences, big data and audiences to target and optimise media buying.”

This wave has prompted big M&A interest from the likes of Adobe, Oracle and Salesforce – but Kawaja rejects the suggestion of a digital marketing technology “bubble”: “It’s vibrant and prices are full … we’ve got companies that are scaling rapidly and still a tremendous upside to this whole marketing technology world.”

We interviewed him at the 4A’s annual leadership meeting. See the rest of our coverage here.