Taboola will begin trading on Nasdaq on Wednesday after being approved by shareholders of special purpose acquisition company ION Acquisition Corp. Merger With an Israeli content recommendation company.
Some 99% of the votes cast at the meeting voted in favor of the transaction, ION said. Statement on Monday. Taboola will start the business at a valuation of around $2.6 billion.
“We believe Taboola has a unique combination of an excellent leadership team, huge market opportunity and a compelling business model that combines growth with high profitability,” ION CEO Gilead Shen said in the statement.
Taboola uses machine learning to match Internet users with news articles, blogs, videos, apps, products and other content that they will find interesting. It places so-called “chumbox” blocks of ads on sites with content that is sometimes ridiculed as clickbait.
The Company’s Platform is used by advertisers, publishers, mobile carriers and other companies to increase their audience engagement and monetization and operate across websites, devices and apps.
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Companies that advertise with Taboola pay it when users click on the link, and Taboola shares the revenue with the companies that host the link.
Taboola was founded in Israel in 2007 by CEO Adam Singolda. It has offices around the world and is now based in New York.
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