Thoma Bravo’s blank-check company has agreed to take Israel-based mobile advertising software developer IronSource public through a merger valuing the combined entity at $11.1 billion.
- The deal will provide IronSource with up to $2.3 billion in cash proceeds, including a $1.3 billion PIPE from investors including Tiger Global, Wellington Management and Fidelity Investments. Thoma Bravo has committed $300 million to the transaction.
- IronSource shareholders will receive $10 billion, including $1.5 billion in cash and a majority stake in the combined company. CVC Capital Partners bought a minority stake in IronSource 2019 for over $400 million. IronSource is expected to have $740 million in cash after the deal is completed.
- Launched in 2010, IronSource has a platform that developers can use to acquire users and display ads within mobile games and apps. It reported $332 million in revenue and EBITDA of $104 million last year.
- Thoma Bravo's SPAC, named Thoma Bravo Advantage, raised $900 million by listing on the NYSE in January.