About 11 years after it was founded, Tel Aviv-based platform for the App Economy, ironSource, began trading on the NYSE at an $11.1 billion valuation after merging with a special purpose acquisition company (SPAC), reported Reuters.
IronSource raised $2.5 billion — including a $1.3 billion private investment in public equity (PIPE) — when it merged June 29 with Thoma Bravo Advantage, a SPAC backed by U.S. private equity firm Thoma Bravo — which has invested in over 300 software companies.
IronSource will use the funds to make acquisitions that expand its app developer platform. Bar-Zeev told Reuters, “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.”
By Peter Cohan
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