IronSource has agreed to go public via a merger with a special purpose acquisition company (SPAC) in a deal valuing the app monetisation platform at $11.1bn. The combined company with Thoma Bravo Advantage will operate under the IronSource name.
IronSource’s platform, which serves over 2.3bn monthly active users, enables app and game developers to monetise and analyse their apps. In 2020, it grew revenue 83 per cent year-over-year to $332m.
As a public company, IronSource will benefit from the financial and operational support of Thoma Bravo, a private equity firm with over 300 software investments.
“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.”
The deal – which is expected to close in Q2 2021 – also includes investments from Tiger Global Management, Counterpoint Global (Morgan Stanley), Nuveen, Hedosophia, Wellington Management, The Baupost Group, and certain funds managed by Fidelity Investments Canada and other institutional investors.