Israeli company ironSource, a platform for game and app developers, spun off activities with dozens of employees into a new company at the end of 2020. The new company is called Rise. On its website, the company says its mission is to “empower our partners with the right technology and tools for maximizing their digital properties and assets, while turning their websites, apps and products into scalable businesses.”
Rise has 30 employees, according to its LinkedIn page, mainly former ironSource employees, but “Globes” understands that the number of employees may have already risen to 100.
Rise is owned by the same shareholders as ironSource. In addition to maximizing income from apps and websites, Rise also engages in acquiring digital media based on algorithms. Activities are managed by Oren Brandt, who was in charge of digital solutions for ironSource and served as VP online apps.
The spinoff took place before ironSource agreed to go public and the company explains the split as separating non-core activities. According to ironSource, the employees who moved to Rise retain their options in ironSource itself and can sell them as part of the planned IPO.
Earlier this week, ironSource, led by CEO Tomer Bar-Zeev, announced that it is to be merged into SPAC Thoma Bravo Advantage (NYSE: TBA) at a valuation of $11.1 billion. As part of the deal, the merged company will raise $2.3 billion, of which $800 million will go to the company and $1.5 billion to investors selling shares in the secondary element of the transaction. According to its latest presentation, ironSource has 750 employees not including the new company.
Published by Globes, Israel business news – en.globes.co.il – on March 24, 2021
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