ironSource shares start NYSE trade next week after SPAC deal gets final nod

Thoma Bravo Advantage shareholders greenlight merger deal in which Israeli ad-tech firm is to raise $2.3 billion at whopping $11.1 billion valuation

Shoshanna Solomon is The Times of Israel's Startups and Business reporter

The ironSource management team in March 2021. (Courtesy)
The ironSource management team in March 2021. (Courtesy)

Shares of Israel’s ironSource, an advertising technology firm, will start trading on the New York Stock Exchange next week, after the shareholders of a special purpose acquisition company approved the merger deal.

Thoma Bravo Advantage, a publicly traded special purpose acquisition company, said Wednesday that shareholders voted to approve the proposed business combination with ironSource, at its shareholder meeting on June 22.

The combined company will be called ironSource Ltd. and is expected to begin trading on the New York Stock Exchange under the new symbol “IS” on June 29, Thoma Bravo said in a statement.

The two companies said in March that ironSource will raise $2.3 billion through the merger with the SPAC at a whopping implied approximate valuation of $11.1 billion, giving ironSource what is said to be the highest ever valuation for an Israeli firm in a public offering of shares in the US.

IronSource enables game app developers and cellphone operators to make money on the content they create by displaying ads in the games.

Orlando Bravo, chairman of the board of directors of Thoma Bravo Advantage, as well as a founder and managing partner at Thoma Bravo, said in the statement that the company looks forward “to supporting ironSource as it enters the public markets and furthers its leadership position as one of the fastest growing and most innovative platforms for building and scaling businesses in the App Economy.”

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