ironSource to go public through SPAC at $11.1 billion valuation

Israel-based mobile monetization firm ironSource announced on Sunday that it has agreed to go public through a merger with a SPAC company backed by American private equity firm Thoma Bravo, at a $11.1 billion valuation. 

The firm said that the deal will provide ironSource with $2.3 billion in cash proceeds, including a PIPE (private investment in public equity) of $1.3 billion and $1 billion of cash held in Thoma Bravo Advantage’s trust account. 

“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, ironSource CEO and co-founder. “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.”


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Last year, the Israeli firm grossed $332 million in revenue with a 83% Y/Y increase and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of $104 million. Its platform currently has 2.3 million monthly active users worldwide. 

“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, who is the Chairman of the Board of Directors of Thoma Bravo Advantage and also the 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.”

The mobile advertising & monetization platform ironSource acquired ad quality measurement platform Soomla in January and creative management platform Luna Labs in February 2021. 

Written by Sophie Blake

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