Digital advertising platform Taboola is on its way to the New York Stock Exchange, with a person familiar with the move telling Calcalist on the condition of anonymity that it has signed a merger deal with ION Asset Managment’s Special Purpose Acquisition (SPAC) subsidiary. ION Acquisition Corp. 1 Ltd. raised $ 259 million in its initial public offering on the New York Stock Exchange in October with the aim of “meeting with Israeli companies working in technology and innovation to find a suitable partner for the merger,” according to the company.
Taboola will gain access to SPAC funds and raise additional investments via PIPE (private investment in public equity) investments. Once the merger is approved by the SPAC shareholders, Taboola’s shares will trade on the New York Stock Exchange. Tabouleh’s valuation in the deal is estimated at between $ 2.5 billion and $ 3 billion.
Taboola agreed to merge with the other Israeli-based digital advertising platform, Outbrain, in 2019, but their merger was canceled
Last September. Taboola was supposed to pay Outbrain shareholders $ 250 million for a 70% stake in the combined company, which was supposed to be chaired by Taboola founder and CEO Adam Singulda. However, with Taboola financing from banks ending during the month of August and the company being unable to extend it, Taboola asked Outbrain to make the deal a share-for-shares merger, a request that was rejected.
Outbrain is also expected to go public, but it is likely to do so through an initial public offering.
ION Acquisition is led by CEO Gilad Chaney and Chairman Jonathan Kolper. Shani is also the Managing Partner of ION Crossover Partners (ICP). Before co-founding ICP, Gilead spent a decade investing in public and private companies with Baron Capital, and with Magma Venture Partners. Kolber also runs his family’s office in Canada and works as a partner and senior advisor at Viola Growth.
Integrate with his SPACs It became a popular medium
For companies to enter the stock exchanges this year. SPAC companies have a limited window, usually of two years, to initiate an activity. If they fail to set up a business within this timeframe, the money will be returned to the investors.