Rumor MACQ2

Ad-Tech Company AdTheorent Nears $1 Billion SPAC Deal to Go Public

, Wall Street Journal

Advertising-technology company AdTheorent Inc. is nearing a combination with a special-purpose acquisition company to go public in a deal that would value the firm at about $1 billion, people familiar with the matter said.

AdTheorent uses machine learning and data science to optimize advertising and marketing campaigns for its customers. It says it can efficiently target consumers without using sensitive personal data.

New York City-based AdTheorent would merge with the SPAC MCAP Acquisition Corp., the people said. The deal could be announced as soon as this week.

AdTheorent would join many other companies in the sector in raising money and going public as consumers spend more time online and large brands give priority to digital advertising to reach them. Innovid Inc. last month said it was merging with a SPAC, while content-recommendation firm Taboola.com Ltd. recently completed its so-called blank-check merger.

As investors pour money into the space, many other companies such as Integral Ad Science Holding Corp., PubMatic Inc. and AppLovin Corp. have also done traditional initial public offerings.

AdTheorent would be expected to raise about $120 million in a private investment in public equity, or PIPE, associated with the deal, the people said. Data-mining software firm Palantir Technologies Inc. is expected to participate in the PIPE, they said. Palantir has invested in many companies through PIPEs recently and reached agreements to work with some of the businesses in which it invests.

The MCAP SPAC raised about $315 million in February and is backed by Monroe Capital LLC. Previous Monroe SPACs took financial-technology firm Repay Holdings Corp. and Indie Semiconductor Inc. public.

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