Innovid, an independent ad delivery and measurement platform for connected TV, today announced it has entered into a definitive merger agreement with ION Acquisition 2.
The transaction implies a pro forma valuation of approximately $1.3 billion for Innovid, which has also secured approximately $150 million of PIPE financing anchored by Fidelity Management and Research Company, Baron Capital Group and others including funds affiliated with ION and Phoenix Insurance. Ion 2 raised $220 million in a January IPO.
Innovid is focused on developing technology infrastructure for the creation, delivery, and measurement of TV ads across connected TV (CTV), mobile TV and desktop TV.
Existing investors including Goldman Sachs, Sequoia Capital, Newspring, Genesis Partners and Vintage will remain shareholders under the proposed structure.
If the deal is approved, the combined company will operate under the Innovid name and will trade on a US exchange. The transaction is expected to close in Q4 of 2021. Read more.
