ironSource to go public via $11 billion merger with Thoma Bravo-backed SPAC
Summary
(Reuters) - Israeli advertising technology firm ironSource said on Sunday it has agreed to go public through a merger with a blank-check company backed by U.S. private equity firm Thoma Bravo, valuing the business at $11.1 billion. ironSource provides developers a platform to acquire users and display ads within mobile-phone games. The merger values ironSource at considerably more than the $1.56 billion the company was worth in its most recent private funding round in 2019. Co-founder and Chief Executive Tomer Bar Zeev said ironSource had decided to pursue a traditional initial public offering (IPO) but changed course when a mutual friend asked him to take a call with Thoma Bravo Advantage Chairman Orlando Bravo. This is the first SPAC deal for Thoma Bravo, which has around $73 billion in assets under management and focuses on investing in software and technology.
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