Ad-Tech Company Innovid to Go Public Through Proposed SPAC Merger

Ad-Tech Company Innovid to Go Public Through Proposed SPAC Merger

Promotion-know-how enterprise Innovid Inc. mentioned it plans to go community via a merger with a new unique-purpose acquisition corporation from ION Asset Management Ltd., adding to a increasing record of ad-tech firms heading public or contemplating bargains.

Innovid, which will keep about 64% of the blended firm beneath the program, expects the offer to value the enterprise at in excess of $1 billion, it reported.

Innovid is planning to raise $403 million via a about $150 million private expenditure in public equity, or PIPE, at $10 for every share, and $253 million from the SPAC, named

ION Acquisition Corp. 2.

ION Asset Management is an Israel-based expense administration company.

The mixed corporation will operate below the Innovid identify and trade on a U.S. exchange, the companies claimed in a assertion announcing the offer, which is anticipated to near in the fourth quarter.

The arrangement is the most up-to-date indication that ad-tech organizations continue to love the benefits of a lift in digital advertising and marketing as brand names increasingly target on reaching customers shelling out time on-line.

New York-primarily based Innovid aids produce, serve and evaluate video advertisements, like qualified and interactive ads, for brands. It also functions with Television programmers to make new advertisement formats and provide advertisements to more connected TVs.

“Innovid is coming into an fascinating new chapter of expansion as a community company, a key milestone that corresponds with mounting adoption and needs for streaming tv,” reported

Zvika Netter,

co-founder and chief govt of Innovid, in a assertion.

Other advertising- and ad-technologies companies that not long ago declared strategies to go public incorporate

Sprinklr Inc.

and Integral Advertisement Science Inc. They will be part of a flurry of firms in the category that have gone community in recent months, such as PubMatic Inc.,

Viant Technologies Inc.,

AppLovin Corp.

and

DoubleVerify Holdings Inc.

Taboola Ltd. previously this year also introduced options to go community via a merger with a individual SPAC from ION.

Innovid’s existing investors, which include Goldman Sachs, Sequoia Money, NewSpring Capital, Genesis Associates and Classic Financial investment Partners, will keep on being shareholders soon after the proposed SPAC merger is done, the business said.

Personal firms are flooding to unique-intent acquisition firms, or SPACs, to bypass the classic IPO course of action and gain a community listing. WSJ clarifies why some critics say investing in these so-identified as blank-check corporations isn’t worth the risk. Illustration: Zoë Soriano/WSJ

Compose to Alexandra Bruell at [email protected]

Copyright ©2020 Dow Jones & Corporation, Inc. All Legal rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared in the June 25, 2021, print edition as ‘Ad-Tech Firm Innovid to Go Public.’