IronSource, a business platform for the app economy, has agreed to merge with Thoma Bravo Advantage, a publicly-traded special purpose acquisition company, to a comprehensive business platform for app developers to the public markets. The transaction values IronSource at a pro forma equity value of $11.1 billion, and is supported by a $1.3 billion oversubscribed Class A ordinary share PIPE led by an affiliate of Thoma Bravo LP, as well as investments from Tiger Global Management LLC, Counterpoint Global, Nuveen LLC, Hedosophia, Wellington Management, The Baupost Group, and certain funds managed by Fidelity Investments Canada ULC and other institutional investors. Upon closing of the transaction, the combined company will operate under the ironSource name.
“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.”
“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 Orlando Bravo, Chairman of the Board of Directors of Thoma Bravo Advantage, as well as a founder and managing partner of Thoma 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.”