Advertising Technology Firm ironSource Goes Public With Thoma Bravo Merger of $11B
(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.
The deal with Thoma Bravo Advantage, a special purpose acquisition company (SPAC), is expected to provide ironSource up to $2.3 billion in cash proceeds, including an oversubscribed PIPE (private investment in public equity) of $1.3 billion and $1 billion of cash held in the trust account of Thoma Bravo Advantage.
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.
