US-based online video ad and analytics tech firm Innovid is to go public via a merger with ION - a SPAC, or special-purpose acquisition company, in a deal valuing Innovid at around $1.3bn.
The firm helps clients deliver personalized ads across a broad range of digitally enabled channels, including TV, video and OOH - and measure their impact. Last year, it secured $30m in pre-IPO funding, for use in developing its connected TV (CTV) ad technology offer and expanding its global footprint.
ION Acquisition Corp. 2 Ltd is a publicly traded special-purpose acquisition company or SPAC - allowing a quick IPO for Innovid which could be trading under its own ticker by the end of 2021, if the process is approved by the FEC. Innovid has also secured about $150m of PIPE financing backed by institutional investors including Fidelity Management and Research Company LLC.
Quoted on www.mediapost.com , Innovid co-founder and CEO Zvika Netter (pictured) said the approach was chosen because the firm is already profitable, 'so it's not about the money as much as it is for us to keep growing and stay independent'. Netter adds: 'The advertising industry is dominated by big tech like Facebook and Google. We wanted to ensure to our customers we will remain independent'. The company is expected to grow revenue about 38% this year, and generate about $95m in revenue, with CTV advertising assuming an increasing portion of its business (c.70% growth this year).
Web site: www.innovid.com .
All articles 2006-22 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.