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ironSource has successfully completed its business combination with Thoma Bravo Advantage, enabling trading under the ticker symbol IS on the NYSE from June 29, 2021. The transaction provided $2.15 billion in cash proceeds, including $1.3 billion from an oversubscribed PIPE, resulting in approximately $660 million available for growth after expenses. CEO Tomer Bar Zeev will continue to lead the company, aiming to strengthen its position in the $40 billion App Economy.
On June 22, 2021, shareholders of Thoma Bravo Advantage (NYSE:TBA) overwhelmingly approved its proposed business combination with ironSource, with over 96% voting in favor. Approximately 86% of TBA's outstanding shares were voted at the Extraordinary General Meeting. The merger is expected to close on June 28, 2021, allowing the new combined company to trade under the symbol 'IS' starting June 29, 2021. This strategic alignment aims to leverage ironSource's growth within the App Economy, enhancing its market position.
Thoma Bravo Advantage (NYSE:TBA) urges its shareholders to vote in favor of its proposed business combination with ironSource Ltd., a prominent app economy platform, during the Extraordinary General Meeting set for June 22, 2021, at 10:00 am ET. Shareholders as of May 24, 2021, are encouraged to complete and return their proxy cards promptly. The merger aims to enhance ironSource's market position, which will be listed under the symbol 'IS' on the NYSE post-transaction. This move signals a strategic consolidation in the tech sector to capitalize on the growing app economy.
Thoma Bravo, a prominent private equity firm, has confirmed its intention to purchase additional shares of ironSource following the upcoming business combination with Thoma Bravo Advantage (TBA). This $1.3 billion oversubscribed PIPE, including a $300 million investment from Thoma Bravo, strengthens this commitment. If shareholder redemptions exceed $150 million, Thoma Bravo has the option to fund the excess by acquiring ironSource shares or surrendering founder shares. The shareholders' meeting for the merger approval is set for June 22, 2021.
ironSource has announced the addition of four new members to its Board of Directors as it prepares for its upcoming business combination with Thoma Bravo Advantage (NYSE: TBA). New directors include Orlando Bravo, Marni Walden, Shuki Nir, and Tal Payne, who bring extensive expertise in software, finance, and operations. The company aims to leverage this diverse experience to enhance shareholder value and drive growth in the app economy. Tomer Bar Zeev, CEO, expressed confidence in the new board's ability to provide valuable insights as ironSource evolves into a public company.
ironSource and Thoma Bravo Advantage (NYSE: TBA) announced improved financial projections for Q2 and full fiscal year 2021. The guidance for Q2 estimates total revenue between $120-$125 million, marking a 66% year-over-year growth at the midpoint. Adjusted EBITDA is projected at $40-$42 million, reflecting 99% YoY growth. For the fiscal year, revenue guidance ranges from $480-$490 million (46% YoY growth) with an Adjusted EBITDA of $150-$155 million (47% YoY growth). The outlook considers growth momentum despite potential short-term challenges related to the IDFA deprecation.
ironSource has filed a registration statement on Form F-4 with the SEC related to its proposed business combination with Thoma Bravo Advantage (NYSE: TBA). The transaction aims to merge ironSource's app economy platform with Thoma Bravo's financial support. Shareholder approval and regulatory clearances are required for completion, targeted in Q2 2021. Upon finalization, ironSource's shares will be listed under the symbol 'IS'. The announcement emphasizes financial growth potential while noting that the registration statement's details may change as it awaits SEC effectiveness.
ironSource has announced a merger with Thoma Bravo Advantage (NYSE: TBA) at an equity valuation of $11.1 billion. The deal includes a $1.3 billion oversubscribed PIPE led by Thoma Bravo, securing notable investments from leading institutions. In 2020, ironSource achieved revenue growth of 83% to $332 million, with a dollar-based net expansion rate of 149%. The combined entity will retain the ironSource name and is expected to close in Q2 2021, pending shareholder approval. The merger is anticipated to enhance ironSource's market leadership and operational success in the app economy.
Thoma Bravo Advantage has successfully closed its initial public offering, raising $1,000,000,000 by offering 100,000,000 Class A ordinary shares at $10.00 each. This includes 10,000,000 shares from underwriters' over-allotment. The shares commenced trading on the New York Stock Exchange under the ticker symbol TBA on January 15, 2021. Sponsored by Thoma Bravo Advantage Sponsor LLC, the company aims to merge or acquire businesses in the software industry.
