Press Release January 26, 2021

Taboola to Become NYSE Listed at $2.6 Billion Valuation via Merger with ION Acquisition Corp. 1 Ltd.

The Special Purpose Acquisition Companies (SPACs) team advised Taboola’s existing investors Pitango Venture Capital, Evergreen Venture Partners, and Fidelity Management & Research Company LLC on Taboola’s definitive merger agreement with ION Acquisition Corp. 1 Ltd. (NYSE: IACA), a publicly traded SPAC with $259 million in trust, and approximately $285 million in primary and secondary PIPE financing from institutional investors. In total, the transaction implies a pro forma valuation of approximately $2.6 billion for Taboola.

Taboola powers recommendations for the open web, helping people discover things they may like. The company’s platform, powered by artificial intelligence, is used by digital properties, including websites, devices and mobile apps, to drive monetization and user engagement.

Pitango Venture Capital is focused on early stage, health, and growth investments.

Evergreen Venture Partners specializes in early stage and emerging growth investments.

Fidelity Management & Research Company LLC acts as the investment advisor to Fidelity's family of mutual funds.

The combined company will operate under the Taboola name and will trade on the NYSE under the new symbol “TBLA”. The transaction is expected to close in Q2 of 2021.

The Goodwin team was led by Jocelyn Arel, Thomas Beaudoin and Kristin Gerber.

For more details, read the press release.