Update: Three months after the announcement, IronSource has officially gone public on the New York Exchange.
The Israeli mobile adtech confirmed the move on June 29th, with a valuation of $11.1 billion expected to follow the trading.
IronSource co-founder and CEO Tomer Bar-Zeev commented on the move (via Reuters) stating: "The reason we're doing it now, adding a lot of cash to the balance sheet and having this currency, partnering with Thoma Bravo, is to make sure we have all the ammunition, we need to be the market consolidator."
Original Story: Mobile business platform IronSource is to go public at a company valuation of $11.1 billion.
The move will be made as the firm merges with special purpose acquisition company (SPAC) Thoma Bravo Advantage, which is currently listed on the New York Stock Exchange. SPACs offer organisations a faster route to public trading, as opposed to an IPO.
It is believed that $2.3 billion will be generated through the offering, including a private investment of $1.3 million, known as a PIPE – private investment in public equity.
An affiliate of Thoma Bravo Advantage led the PIPE with a $300 million commitment. Meanwhile, Thoma Bravo founder and managing partner Orlando Bravo will join IronSource's board of directors.
Last year, IronSource earned itself a successful financial year as the business platform grossed $332 million, a growth rate of 83 per cent year-over-year. Currently, the company has 2.3 million users worldwide, of which 291 customers boast annual revenues of at least $100,000.
"Joining forces with Thoma Bravo Advantage to bring IronSource to the public markets presents an opportunity to partner with the world's leading software investor to achieve the next level of growth," said IronSource co-founder and CEO Tomer Bar-Zeev.
"Despite our previous progress pursuing a traditional IPO, when we met with Thoma Bravo Advantage, we found an alignment of vision and shared conviction about the long-term growth we can drive at IronSource that made them the perfect partner as we take this next step in growing our company, and the market as a whole."
Bravo added: "As one of the fastest-growing and most innovative platforms for building and scaling businesses in the app economy, IronSource is well-positioned for continued success as a public company."
"With a full suite of solutions across the app growth life cycle – and a unique combination of scale, business growth, and profitability – we expect IronSource to further its market leadership position as a public company. We look forward to partnering closely with Tomer and the talented IronSource team in this exciting next chapter for the company."
Additional reporting by Matthew Forde