IronSource to go public with $11.1 million valuation | Pocket Gamer.biz
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.
“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 Tomer Bar Zeev, CEO and co-founder of ironSource.
“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.”
Moneymaker
Last year, ironSource had a successful financial year as the business platform grossed $332 million, a growth rate of 83 per cent year-over-year. Moreover, it had adjusted Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) of 31 per cent.
Currently, the company has 2.3 million users worldwide, of which 291 customers boast annual revenues of at least $100,000.
“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,” said Bravo.
“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.”
This year, ironSource has made two key acquisitions, having snapped up Measurement platform SOOMLA and creative platform Luna Labs.
window.fbAsyncInit = function() {
// init the FB JS SDK FB.init({ appId : 250161755076617, // App ID //channelUrl : '//'+window.location.hostname+'/channel.php', // Path to your Channel File status : true, // check login status cookie : true, // enable cookies to allow the server to access the session xfbml : true // parse XFBML });
FB._PG = { url: "/useractions/loginfb/", response: "allowed",
// Common handler to fetch FB details and reload the page process: function(me){ $.post( FB._PG.url, { username: me.username, uname: me.name, uid: me.id, uimg: 'https://graph.facebook.com/' + me.id + '/picture?type=large' }) .done(function(xml){ if ( $("status", xml).text() == FB._PG.response ) window.location.reload(); else alert('Error: Something bad just happened. Our tech department has been notified. Please try again later.');
}) .fail(function(xml){
alert("Error: something wasn't right there, please try again.");
}); },
// Used by event subscriptions to handle the response handleResponse: function(response){ if (response.authResponse) { FB.api('/me', function(me){ if (me.name) FB._PG.process(me); }); } },
post: function(text, image){ image = image || $("#fb-image").attr("src"); FB.ui({ method: 'feed', display: 'popup', link: 'https://www.pocketgamer.biz/news/76101/ironsource-to-go-public-with-111-million-valuation/', description: text, picture: image }); } };
FB.Event.subscribe('auth.statusChange', FB._PG.handleResponse);
FB.Event.subscribe('edge.create', function(response) { $.post('/ajax/social-links/', { site: 'facebook' }); }); };
(function(d, s, id){ var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) {return;} js = d.createElement(s); js.id = id; js.src = "http://connect.facebook.net/en_US/all.js"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk'));
No comments