Taboola, Leading Chumbox Ad Provider, To Go Public Through PSPC



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Taboola, which was founded in Israel and is now based in New York City, is profitable, according to Singolda, who said he raised gross sales of $ 1.2 billion last year – $ 379 million. dollars in net revenues, excluding payments to publishers.

At the end of 2019, Taboola saw a path to even greater growth in a merger with Outbrain, its chumbox rival. In October, in a long-awaited deal, the two announced their intention to regroup under the Taboola name.

But within a year, the financial situation of both companies had changed. Antitrust regulators in Britain and Israel were still investigating the deal. The pandemic has drawn more viewers online, but has also forced websites to re-evaluate their spending and become “a lot leaner and meaner,” Singolda said.

The merger collapsed in September.

But soon after, Gilad Shany, an Israeli financier, raised nearly $ 259 million for ION Acquisition Corp 1, a SPAC that aimed to buy another Israeli company “to build a global player”.

He and Mr Singolda discussed a combination, which would make Taboola public by essentially giving it the ticker symbol of ION. It’s a faster and safer way to get businesses into the public market, which has helped make PSPCs one of the financial industry’s biggest obsessions.

Mr Singolda said the IPO would give Taboola greater financial resources, including the ability to sell publicly traded stocks – which could help him make more acquisitions. (In addition to the money from the ION fund, Taboola has raised an additional $ 285 million, including from Fidelity, BlackRock, and others.)

“We believe this may be five times larger than it is today,” said Shany, who will join the Taboola board. “You don’t have to think that far to see that big.”

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