Digital ad company Taboola was up 5% Wednesday morning. This is on the first day of trading after there was its merger with ION Acquisition Corp. 1, a special acquisition corporation.
ION shareholders voted to approve the business combination in a special meeting Monday. The transaction will generate $526 million upon closing, and shares will begin trading on the Nasdaq Wednesday under the ticker “TBLA.”
“There’s no Google for the open web, there’s no Facebook for the open web, there’s no big company serving publishers on the open web and giving advertisers access to that open web, and Taboola wants to be that company,” founder and CEO Adam Singolda said in an investor presentation earlier this year.
“As I think about our business, I think of Taboola as a search engine but in reverse,” he said in the presentation. “Instead of expecting people to type things they know and look for information, like travel information, news, or products, Taboola is providing them with recommendations for content and things they might like but just never knew existed.”
The Company is Now Seeking More recommendations on Devices.
Devices can be anything from cars to connected TVs. The recommendations can prove to be very useful to the people and the initiative had been liked by everyone. The merger might as well be a blessing to take the company a step forward towards the future.
“Over the next 10 years, I think that especially as younger audiences will interact with different [devices], we want to use all of this index of the content we have globally … and surface it wherever you might be,” he said.
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