Cellebrite is listed on Nasdaq on a $ 2.4 billion valuation through SPAC

Israeli digital intelligence company Cellebrite announced that it will be listed on the Nasdaq Stock Exchange through the merger of SPAC with TWC Tech Holdings II Corp. (Nasdaq: TWCT), valuing the company $ 2.4 billion. The Petah Tikva-based company provides digital intelligence solutions to law enforcement agencies and governments. Special Purpose Acquisition Corporations (SPACs) are blank check companies without any operations of their own, which collect money only for a merger with a target company. Since December, Israeli tech mergers with SPACs have reached companies valued at more than $ 40 billion, most of which is yet to be completed. $ 580 million in cash will be made available to Cellebrite upon the completion of the SPAC merger, which consists of TWC Tech Holdings funds held in a fund, assuming the general shareholders are not redeemed. Upon closing, TWC Tech Holdings shareholders will receive a combination of cash and shares in Cellebrite. The deal includes a private investment of approximately $ 300 million in Cellebrite common stock that will be purchased directly from existing Cellebrite shareholders, who are mainly early investors in the company, and which is expected to close in conjunction with the merger of TWC Tech Holdings with a subsidiary of the company. Notable institutional investors, including Light Street Capital and Makena Capital, and strategic investor Axon Enterprise, Inc. , In private investment. Cellebrite was founded in 2001 by Yaron Baratz, Yuval Aflalo, and Avi Yablonka and is managed by CEO Yossi Carmil. In 2007, the Japanese company Sun Corp acquired Cellebrite for only $ 17 million. Carmel told Globes in the past why the company sold such a small amount. “The main shareholders, the three founders, wanted to sell. We were sold cheaply to a company that grew without raising any outside capital. We are a rare story.” In 2019, Israel Growth Partners (IGP) led $ 110 million in Cellebrite with a company valuation of $ 440 million, which was in fact the company’s first-ever financing round. As part of the SPAC merger, IGP’s Haim Shani will become Chairman of Cellebrite and Ryusuke Utsumi will step down but will remain on the board of directors. BofA Securities and JP Morgan Securities LLC act as recruiting agents for Cellebrite and TWC Tech Holdings. BofA Securities is also acting as a capital markets advisor to TWC Tech Holdings. White & Case LLP and Meitar Law offices act as legal advisors to Cellebrite, while Herzog Fox Neeman will support SPAC. Carmel said, “Cellebrite’s vision is to provide industry-leading technology and an integrated solution to DI that enables our customers to transform and digitize the entire investigation process. Today marks an exciting step for our company and our team, and it will put us in a better position to seize future opportunities. As a result of this transaction, we will endeavor to build on Our leadership position by making strategic and targeted investments to expand our capabilities, deepen our position in the public sector and attract new clients in the growing private market. At Cellebrite, we are very excited about the positive and meaningful outcomes our work provides to vulnerable, vulnerable, and underserved people. We recognize the tremendous responsibility that comes with operating a company that cooperates with law enforcement agencies but protects privacy. To this end, Cellebrite and our Board of Directors are deeply committed to creating a safer world and operating in an unwavering legal, ethical and ethical manner. ” Related articles, Israeli electronic intelligence firm Cellebrite signs deal in the UAE, Cellebrite buys US company BlackBag for $ 33 million, IGP leads $ 110 million investment in Cellebrite TWC Tech Holdings, CEO of Cellebrite TWC Tech Holdings, Adam said Clammer: “At True Wind Capital, we focus on investing in leading technology companies, and the opportunity for Cellebrite to tick all the boxes on our wish-list for a long-term investment in a public company. Cellebrite enables public and private clients to lead the digital transformation of their investigative workflow through its advanced technology. From that, Cellebrite technology helps bring justice to victims of crime, including child abuse cases, violent crimes such as murder and sexual assault, drug and human trafficking, fraud and financial crime. We are proud to partner with a company that has a real impact on these cases. ” Posted by Globes, Israel business news – en.globes.co.il – April 8, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021