ION Acquisition eyeing merger with another Israeli tech giant after listing its third SPAC
The company, led by co-CEOs Gilad Shany and Avrom Gilbert, and Chairman Jonathan Kolber, plans to raise $220 million as it seeks to “focus on the rapidly growing universe of Israeli companies and entrepreneurs that apply technology and innovation to our everyday lives"
ION operates a private equity fund that invests in companies such as Fiverr, Monday, and SimilarWeb, a hedge fund that invests in traded stocks, and a division dedicated to raising capital for SPACs. The fund has raised $500 million and already returned $150 million to its investors.Earlier this year, ION’s first SPAC offering merged with Israeli digital advertising platform Taboola. ION Acquisition Corp 1 Ltd. raised $259 million in its initial public offering on NYSE last October with the goal of "meeting with Israeli tech and innovation-driven companies to find a suitable partner for a merger," which ended up being Taboola. ION's second SPAC raised $253 million in February of this year and has yet to merge with a company. According to ION, its third SPAC "intends to focus on the rapidly growing universe of Israeli companies and entrepreneurs that apply technology and innovation to our everyday lives." Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC served as joint book-running managers for the offering.