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Digital advertising company Taboola has announced plans to go public through a merger with ION Acquisition Corp, a special acquisition company.
The company places boxes of content on sites across the Internet with headlines such as “8 Celebrities With Critical Illnesses” or “Watch Who Goes Bankrupt Next In America”, which generates revenue for the publisher. The company claims it is used by more than 13,000 advertisers to reach over 500 million daily active users.
The transaction is expected to close in the second quarter, and the combined company will operate as Taboola and trade on the New York Stock Exchange under the symbol “TBLA”. The deal gives Taboola a pro forma valuation of around $ 2.6 billion.
“The open web is really important, if not essential, because it’s free and diverse and not owned by any giant companies. Think about all the websites you love: every game, app on a mobile device, or smart TV that lives outside the walled gardens, ”Taboola CEO and founder Adam Singolda wrote in a blog post Monday.
“But open web businesses depend on walled gardens that compete with them with more data, more technology and more relationships with advertisers, while advertisers have no choice but to look to walled gardens for effectively access large-scale users. ”
He added in the post that the company plans to provide recommendations for “anything” – e-commerce products, apps, games and more – and that the company wants them to be available “anywhere” on “Every device, smart TV, car and more.”
Taboola and its competitor Outbrain in October 2019 said they would merge in hopes of becoming a bigger competitor to digital advertising giants such as Google and Facebook. But nearly a year later, merger talks ended after the companies failed to agree on revised terms of the deal.
Nominations are open for 2021 CNBC Disruptor 50, a list of private start-ups using cutting edge technology to become the next generation of large public enterprises. Submit by Friday, Feb.12 at 3 p.m. EST.
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