System1, an omnichannel customer acquisition platform, announced plans to merge with Trebia Acquisition, a SPAC backed by Bill Foley.
The transaction will deliver about $175 million to fund the new company’s growth and acquisitions. The deal also includes up to $600 million in financing, consisting of a $200 million equity backstop from Foley’s Cannae Holdings as well as debt.
If approved, System1 Group is expected to list on the NYSE under SST.
System1’s marketing platform includes a portfolio of over 40 digital properties that help over 120 million monthly visitors and include, among others, MapQuest, Startpage, HowStuffWorks, info.com and CarsGenius.
Concurrent with the transaction, System1 will combine with Protected.net, a developer of security and privacy subscription products with over 2 million paying subscribers. The acquisition enables System1 to grow its privacy-focused products and further diversify its business model. Read more.
