Tel Aviv app monetisation and growth company ironSource has announced it is to merge with publicly listed special purpose acquisition company Thoma Bravo Advantage with an implied pro-forma valuation of $11.1b.

ironSource reported 83% year-on-year growth in 2020 and revenue and adjusted EBITDA of $332 million and $104 million, respectively. The company has also recently acquired ad measurement firm Soomla and playable ad platform Luna Labs

The combination with the SPAC will provide up to $2.3 billion in cash a portion of which will be used for purchases from ironSource private equity holders, with $1.3b from a round of Class A ordinary share PIPE alongside $1 billion held in Thoma Bravo's trust fund from the SPAC IPO. Institutional investors in the PIPE include, Thoma Bravo, Counterpoint Global and Wellington Management.

Thoma Bravo Advantage currently trades on NYSE (TBA) and it is confirmed that following completion of the merger that the company will operate under the name 'ironSource.' Orlando Bravo will join the ironSource board and ironSource will benefit from the financial and operational support of Thoma Bravo .

Commenting on the deal, Tomer Bar Zeev, CEO of ironSource said, "Joining forces with Thoma Bravo Advantage to bring ironSource to the public markets presents an opportunity to partner with the world's leading software investor to achieve the next level of growth. Despite our previous progress pursuing a traditional IPO, when we met with Thoma Bravo Advantage we found an alignment of vision and shared conviction about the long-term growth we can drive at ironSource that made them the perfect partner as we take this next step in growing our company, and the market as a whole."

Orland Bravo, Founder and Managing partner of Thoma Bravo added, "as one of the fastest-growing and most innovative platforms for building and scaling businesses in the app economy, ironSource is well-positioned for continued success as a public company,"

The deal is expected to close in Q2 2021 subject to approval by Thoma Bravo Advantage shareholders and customary closing conditions.