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IronSource Is Preparing For IPO At $7B-$8B Valuation

PUBLIC OFFERING | ANNOUNCEMENT DATE: 09 NOV 2020
WRITTEN BY | 18 Nov 2020
IronSource Is Preparing For IPO At $7B-$8B Valuation
PUBLIC OFFERING

💵 IPO

  • Israel-based advertising tech company ironSource plans to go public on Nasdaq in the first half of 2021 targeting a valuation range of $7B-$8B. The decision upon going public hasn’t been approved by the company’s board of directors yet

  • The news comes shortly after other ads-related businesses Unity Software (NYSE: U) with UnityAds raised over $1.3B in IPO with a current market cap of $18B+, and AppLovin announced its preparation for public listing

  • If the public offering happens at the rumored valuation, it will be the largest IPO among Israeli companies. ironSource also considers entering the market via SPAC, but it is highly unlikely

  • In October 2019, ironSource was valued at around $1.7B in its secondary deal with Europe’s private equity giant CVC Capital Partners, which acquired a 25.7% stake for $430m. Thus, the company has shown over over 4x times increase in valuation over one year

  • It seems that decision to go public is lobbied by existing private equity funds (Viola Ventures, in particular) looking to take advantage from the pandemic momentum with market valuation of many online tech-companies being very high

  • Currently, the shareholders structure of the company is as follows:

    • CVC Capital Partners — 25.7%

    • Viola Ventures — 10%

    • Founders of the company Tomer Bar-Zeev, Itay Milrad, Roi Milrad and Eyal Milrad — 32%

    • Gil Shoham and Arik Czerniak from SuperSonic (merged with ironSource in 2015) — 1.6%

    • The employees of the company have about 10% in total

    • The rest ~30% is dispersed between Disruptive VC, 83North, Leumi Partners, Saban Ventures, and Clal Industries

🎲 Products

  • Founded in 2010, ironSource is a software development business specializing in distribution and monetization of apps with a particular focus on mobile games via its ad network, mobile ad mediation and UA platforms. Among its customers and partners such gaming companies as Square Enix, East Side Games, Big Fish Games, Jam City, and many others.

  • ironSource is based in Tel Aviv with 13 operational offices around the globe and over 850 employees. The company had approximately $1B in revenue by the end of 2019

  • After the acquisition of mobile game developer Upopa in 2014, ironSource also owns the portfolio of mobile titles, including as Hopeless series, Mutation Mash, Sugar Slide, Ruby Run, and others

💵 Previous Funding

  • In October 2020, ironSource raised $450m in a funding round, led by CVC Capital Partners, which currently owns 25.7% of the company

  • In February 2015, ironSource raised $20m in a funding round, led by Access Industries

  • In August 2014, ironSource raised $85m in a funding round, led by Saban Capital Group

  • In April 2011, ironSource raised an undisclosed sum in a seed funding round, led by Viola Ventures, which currently owns 10% of the company

💵 IronSource’s Previous M&A Deals

  • In June 2016, ironSource acquired video technology company Streamrail for an undisclosed sum

  • In September 2015, ironSource merged with mobile advertising technology platform developer SuperSonic

  • In August 2014, ironSource acquired Israel mobile game developer Upopa Games for an undisclosed sum

  • In December 2012, ironSource acquired Israel adtech company AfterDownloads for $28m

SOURCES: CALCALIST

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IronSource
  • Established in 2010

  • Headquarters — Tel Aviv, Israel

  • Team of 800+ employees

  • Founded by Arnon Harish, Eyal Milrad, Gil Shoham, Itay Milrad, Nethanel Shadmi, Omer Kaplan, Roi Milrad, Tamir Carmi, and Tomer Bar Zeev

  • AdTech specializing in distribution and monetization of apps with a particular focus on mobile games