Mobile monetization firm IronSource will go public through SPAC at $11.1 billion valuation

Mobile monetization firm IronSource said Sunday it will go public through a special purpose acquisition company (SPAC) at a valuation of $11.1 billion. The deal is the latest driven by the popularity of mobile games and apps.

Tel Aviv, Israel-based IronSource said it would raise $2.3 billion in cash proceeds for both shareholders and the company itself through the transactions, which includes both the proceeds from the SPAC — a faster way of going public compared to an initial public offering — and an additional private investment known as a PIPE, or private investment in a public equity.