Advertising-technology company AdTheorent Inc. is combining with a special-purpose acquisition company to go public in a deal that values the firm at about $1 billion, the companies 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 is merging with the SPAC MCAP Acquisition Corp. The Wall Street Journal previously reported that the two sides were nearing an agreement.
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.