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Ad Tech Firm Innovid Going Public Through Merger with SPAC

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Ad tech firm Innovid said it plans to go public through a merger with Ion Acquisition Corp. 2 Ltd., a special purpose acquisition company, or SPAC.

Innovid said the transaction values the company at about $1.3 billion.

The deal comes at a time when the ad tech world is going through a phase of consolidation, with a number of firms either engaged in merger and acquisition activity or going public.

Innovid is supported by approximately $150 million of PIPE financing anchored by institutional investors including Fidelity Management and Research Company LLC, Baron Capital Group, Vintage and others including funds affiliated with Ion and Phoenix Insurance.

The transaction is expected to be completed in the fourth quarter of this year.

Founded in 2008, Innovid provides technology infrastructure for the creation, delivery, and measurement of TV ads across CTV, mobile TV and desktop TV. Over the past few years, Innovid has expanded its offering to encompass independent global ad serving, data-driven personalization, and new forms of measurement.