Taboola heads to Nasdaq as SPAC merger gets green light

Taboola will start trading on the Nasdaq on Wednesday after shareholders of the special purpose acquisition company ION Acquisition Corp. 1, Ltd, approved a merger with the Israeli content recommendation company.

Some 99% of the votes cast at the meeting voted in favor of the transaction, ION said in a statement on Monday. Taboola will start trading at a valuation of some $2.6 billion.

“We believe Taboola has a unique combination of an outstanding leadership team, vast market opportunity and an attractive business model that combines growth with high profitability,” said Gilad Shany, CEO of ION, in the statement.

Taboola uses machine learning to match internet users with news articles, blogs, videos, apps, products and other content they will likely find interesting. It places so-called “chumbox” blocks of ads on sites with content that is sometimes derided as clickbait.

The company’s platform is used by advertisers, publishers, mobile carriers and other companies to increase engagement and monetization of their audiences and operates on websites, devices and apps.

Companies advertising with Taboola pay it when users click on links, and Taboola shares the revenue with the companies that host the link.

Taboola was founded by CEO Adam Singolda in Israel in 2007. It has offices worldwide and is now based in New York.

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