Innovid Corp., an independent connected TV (CTV) advertising delivery and measurement platform, has become a publicly listed company trading on New York Stock Exchange (NYSE) under the new ticker symbol "CTV" following the completion of its previously announced business combination with ION Acquisition Corp 2 Ltd. (ION), the company announced Wednesday.
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The business combination generated approximately $251 million of proceeds for Innovid after payment of deferred underwriting commissions, but before payment of transaction expenses.
Innovid joins NYSE at a time when the global $200 billion dollar TV industry is shifting to streaming, presenting a strong and growing demand for advertising in the channel.
Founded in 2007, Innovid's core ad delivery solution provides advertisers a consolidated interface to streamline ad serving, operating as the infrastructure through which CTV ads are delivered across all media including direct buys, programmatic inventory, the open web, and walled gardens. Innovid's platform also allows advertisers to tap into value-added features designed to increase the performance of advertising creative through personalization and interactivity, as well as provide deeper insights into CTV advertising reach, frequency, and engagement.
"14 years ago, we made a big bet on the future of TV with the creation of Innovid," said Zvika Netter, co-founder and CEO of Innovid. "Today, our bet is paying off, allowing us to reimagine what the next chapter of TV looks like as CTV takes off full speed ahead, shaping the bright future of advertising. We are entering the public market knowing that Innovid is the only independent company with the technology, people, reputation, resources, commitment, scale, media bias-free solutions, and independence to create this future for advertisers."
