IronSource, a business platform that assists mobile content creators to work within the app economy, and Thoma Bravo Advantage, a publicly traded special purpose acquisition company, has completion of their previously-announced business combination. IronSource has been approved for trading on the New York Stock Exchange on June 29, 2021 under the ticker symbol “IS.”
The transaction included $2.15 billion in cash proceeds, including an oversubscribed PIPE of $1.3 billion and funds from the trust account of Thoma Bravo Advantage. With the conclusion of the business combination, ironSource received approximately $660 million of cash proceeds following payment of transaction expenses to fuel its growth and further its market leadership.
Tomer Bar Zeev, CEO and co-founder of ironSource, and ironSource’s founder-led management team, will continue to lead the combined company. Orlando Bravo, chairman of the board of directors of Thoma Bravo Advantage, as well as a founder and managing partner of Thoma Bravo LP, will join the ironSource Board of Directors effective as of the closing of the business combination.
“Today marks an important step for ironSource as a leading platform for global app and game developers, and we are excited to enter the public markets and continue to advance our platform and our vision for the company and the App Economy,” said Bar Zeev. “We are proud to achieve this milestone, which is a testament to the strength of our platform, and we look forward to our future as a public company. I am grateful to the ironSource team for all their hard work, which has brought us to this pivotal moment, and for the unparalleled support of our partner Thoma Bravo Advantage.”
“ironSource presents a highly compelling investment opportunity due to its unique combination of scale, superior growth rate, and strong EBITDA margins – as well as its standing as one of the most widely-used platforms in the App Economy,” said Bravo. “The ironSource team has a demonstrated track record of developing innovative products that drive tremendous value to its rapidly-expanding customer base. I’m thrilled to partner with Tomer and the talented ironSource team to build upon the company’s leadership position in its fast growing, $40 billion market.”
Goldman Sachs & Co. LLC, Jefferies LLC and Citigroup Global Markets Inc. served as financial advisors to IronSource and as placement agents in the PIPE, and Latham & Watkins LLP and Meitar Law Offices served as legal advisors to ironSource. Kirkland & Ellis LLP, Goldfarb Seligman & Co. and Cadwalader, Wickersham & Taft LLP served as legal advisors to Thoma Bravo Advantage.