Ad tech company Innovid said it began trading as a publicly owned company on the New York Stock Exchange Wednesday.
Innovid’s ticker symbol is CTV.
The company went public through a merger with ION Acquisition Corp. in a SPAC deal valued at $1.3 billion.
Founded in 2007, Innovid’s advanced advertising business is taking advantage of the boom in connected TV, which is expected to become a nearly $30 billion business by 2024.
“14 years ago, we made a big bet on the future of TV with the creation of Innovid,” said Zvika Netter, co-founder and CEO at Innovid. “Today, our bet is paying off, allowing us to reimagine what the next chapter of TV looks like as CTV takes off full speed ahead, shaping the bright future of advertising. We are entering the public market knowing that Innovid is the only independent company with the technology, people, reputation, resources, commitment, scale, media bias-free solutions, and independence to create this future for advertisers.”
With the proceeds from the transaction with ION, Innovid plans to extend its technology and integrate with CTV publishers across international markets. It Is also developing additional personalized CTV ad formats.
“This milestone represents the success of Innovid’s empowered leadership and strategic vision,” said Gilad Shany, CEO of ION. “From the start of our partnership, the Innovid team has demonstrated the power of its innovations and their potential to define the next generation of TV advertising. I look forward to joining Innovid’s Board of Directors to further support the expansion of its global CTV capabilities.”■
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
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