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- ironSource
ironSource Acquisition, Valuation, Funding & Investors
ironSource was acquired by Unity for $4.4B in July 2022, a 7.1x multiple on $622M of revenue.
ironSource revenue at acquisition
$622M
Last twelve months · Jul 2022
ironSource revenue multiple at acquisition
7.1x
EV/Revenue · Jul 2022
Cumulative funding ironSource raised
$555M
across 3 funding rounds
About ironSource
ironSource is a Tel Aviv-headquartered business platform for mobile app developers providing monetization tools, user acquisition services, and analytics to scale operations in the app economy.
Founded
2010
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Advertising, Subscription
Revenue
$622M (Jul 2022)
Valuation
$1.6B (Oct 2019)
ironSource Acquisition
ironSource was acquired by Unity for $4.4B on 13 July 2022.
The acquisition price implies a 7.1x revenue multiple on $622M of revenue.
Before the acquisition ironSource had raised $555M across 3 funding rounds.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 13 Jul 2022 | Strategic M&A | $4.4B | 7.1x |
ironSource Valuation
ironSource is currently valued at $1.6B, based on its undisclosed-stage round in October 2019.
The $450M round was led by CVC Capital Partners.
ironSource's valuation has grown 1.9x from $800M at its undisclosed-stage round in August 2014 to $1.6B in October 2019, across 3 priced rounds.
ironSource valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Oct 2019 | Undisclosed stage | $1.6B |
| Feb 2015 | Undisclosed stage | $1B |
| Aug 2014 | Undisclosed stage | $800M |
ironSource Funding History
ironSource has raised a total of $555M across 3 funding rounds.
ironSource's first fundraising round was a $85M undisclosed-stage round in August 2014. The most recent completed round was a $450M undisclosed-stage round in October 2019.
ironSource funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2019 | Undisclosed stage | CVC Capital Partners (lead) | $450M | $1.6B | ironSource is a leading mobile marketing and adtech company founded in 2009, specializing in app monetization, distribution, video ad networks, and user acquisition technologies for mobile app publishers, game developers, telecom operators, and OEMs. The company has been profitable from nearly its inception and works with a unique mix of customers to provide tools for scaling businesses in mobile advertising and gaming markets. In October 2019, CVC Capital Partners agreed to acquire a 25% minority stake for approximately $450 million (reported variably as over $400 million), valuing ironSource at $1.55 billion according to detailed reporting, though the company itself described the raise as over $400 million without specifying exact valuation. This secondary transaction made CVC the largest shareholder while founders retained control with 45-50% stake post-sale, and it was positioned as the final funding before a planned 2020 IPO. For 2019, ironSource was on track to achieve approximately $1 billion in revenue, with an EBITDA of $150 million and net profit estimated at $120-130 million, and no debt on its balance sheet. The company had already returned full investments to prior backers like Viola Ventures (whose stake diluted from 13.5% to 10.1%) through three dividends and potentially a fourth of $100 million, leaving $150 million in cash for acquisitions. This traction underscored its rapid growth and market leadership ahead of international scaling and product investments for game developers. The deal resolved prior valuation disputes and highlighted ironSource's strong fundamentals in a competitive adtech landscape, especially amid peers like Taboola and Outbrain merging. CVC praised the founder-led team's innovation, planning to accelerate global growth. Later developments included a 2021 combination with Thoma Bravo Advantage at a $11.1 billion pro forma equity value, supported by significant PIPE investments, marking substantial appreciation from the 2019 round. |
| Feb 2015 | Undisclosed stage | Access Industries (lead); ClalTech | $20M | $1B | ironSource, an Israeli software distribution platform focused on digital delivery and app recommendations based on installed programs, expanded its funding round on February 25, 2015, with an additional $20 million led by Access Industries via ClalTech, bringing the total round to over $100 million including $85 million raised in September 2014. Access Industries increased its total investment to $25 million, supporting ironSource's plans for market share growth, product expansion, global reach, and strategic acquisitions ahead of a pre-IPO path. The September 2014 portion was at a company value of $800 million, with the additional investment intended to slightly increase the value, and IPO expectations around $1.5 billion at the time. Business Insider reported the round valued ironSource at more than $1 billion, though specifics tied to the extension were unclear. The funding accelerated ironSource's disruption in app downloads and usage, with CEO Tomer Bar-Zeev highlighting Access as a strategic partner. ClalTech CEO Daniel Shinar joined as a board observer. The company had about 550 employees and was positioned for industry transformation. Later developments included a 2015 merger with Supersonic, a mobile ad platform, and further investments like CVC Capital's 2019 minority stake valuing it higher. |
| Aug 2014 | Undisclosed stage | Saban Capital Group (lead); Redline Capital; Disruptive Technologies Venture Capital | $85M | $800M | ironSource raised $85 million in August 2014 in a funding round led by Saban Capital Group, with participation from investors including Disruptive Technologies Venture Capital and Redline Capital. This round is referenced in historical funding summaries amid later developments like a $20 million raise in February 2015 led by Access Industries. The company, founded in 2009 by Tomer Bar-Zeev and the Milrad brothers, operates as an Israeli adtech platform focused on mobile advertising, app monetization, and gaming technology. Subsequent funding and transactions highlight ironSource's growth trajectory. In October 2019, CVC Capital Partners acquired a 25.7% stake for $430 million, implying a $1.7 billion valuation, followed by a $450 million raise in October 2020 also led by CVC. Earlier seed funding in April 2011 was led by Viola Ventures. By 2020, the company reported $332 million in revenue and $104 million in adjusted EBITDA, with 83% year-over-year revenue growth, though these metrics are years after the 2014 round. ironSource pursued public market entry, initially targeting a $7-8 billion IPO valuation before merging with Thoma Bravo Advantage SPAC in 2021 at an $11.1 billion valuation, the largest such deal for an Israeli firm. This generated $2.3 billion, with $800 million to the company and $1.5 billion to selling investors. Founders held about 32-45%, Viola Ventures 10%, and others including Disruptive VC, 83North, Saban Ventures, Leumi Partners, and Clal Industries shared the rest, alongside employee options at around 10%. The 2014 round fits into ironSource's $120 million total raised by the SPAC era, positioning it as a leader in high-growth mobile adtech with global offices and 800-850 employees, half in R&D. |
Who has invested in ironSource?
6 investors have backed ironSource across its funding rounds, including CVC Capital Partners, Access Industries, Redline Capital, ClalTech, Disruptive Technologies Venture Capital and Saban Capital Group.
Lead investors include CVC Capital Partners, Access Industries and Saban Capital Group.
ironSource Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Lead | Aug 2014 | ||
| 1 | Participant | Feb 2015 | ||
| 1 | Lead | Feb 2015 | ||
| 1 | Participant | Aug 2014 | ||
This data is available for Pro users. Sign up to see all 6 ironSource investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by ironSource
ironSource has acquired 8 companies to date.
Last acquisition by ironSource was on October 25th 2021. ironSource acquired Luna for undisclosed valuation.
Latest Acquisitions by ironSource
| Description | - | Bidalgo is a Tel Aviv-headquartered marketing intelligence platform that unifies customer data across web, app, and CRM sources for e-commerce brands. It employs AI to attribute revenue across channels, predict customer lifetime value, and automate budget allocation in real-time. Serving clients in Europe and the US since 2016, Bidalgo integrates with Google Analytics, Facebook Ads, and Shopify to deliver incrementality reports and audience segments. | Tapjoy is a San Francisco-headquartered mobile engagement platform offering rewarded video and rich media ads for advertisers and app developers. Founded in 2007, its SDK integrates into thousands of apps worldwide with offices across multiple countries. | Luna Labs is a platform for creating and managing playable ads and video creatives for mobile app developers. Its tools enable rapid production of interactive ads optimized for performance across ad networks. Used by enterprises and indie studios, the system handles large-scale campaigns for games and e-commerce apps. | |
| HQ Country | |||||
| HQ City | - | Tel Aviv | San Francisco, CA | London | |
| Deal Date | 25 Oct 2021 | 25 Oct 2021 | 14 Oct 2021 | 23 Feb 2021 | |
| Valuation | undisclosed | undisclosed | $400M | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all ironSource acquisitions and their M&A valuation multiples. Start Free Trial | |||||
ironSource Competitors
ironSource competitors include listed companies like CyberAgent, Magnite and Easy Click Worldwide, and private ones like LTK, The Brandtech Group and Rokt.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $5.6B | $485M | $4.1B | 0.6x | ||
| Private | - | - | $2B | - | ||
| Private | $500M | - | $4B | 8.0x | ||
| Publicly listed | $714M | $143M | $3.7B | 5.1x | ||
| Private | $600M | - | $3.5B | 5.8x | ||
| Publicly listed | $571M | $22M | $3.1B | 4.1x |
ironSource Public Comps
ironSource is no longer listed, but its public comps include CyberAgent, Outfront Media, Magnite, WPP, Easy Click Worldwide, Hakuhodo Dy Holdings, Liftoff Mobile, JCDecaux, Dentsu Group and Strive.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $5.6B | $485M | 0.7x | 0.6x | 8.0x | 6.4x | |||
| $1.8B | $453M | 4.9x | 4.6x | 19.9x | 16.0x | |||
| $714M | $143M | 5.3x | 5.1x | 26.3x | 14.0x | |||
| $18B | $726M | 0.7x | 0.9x | 16.9x | 5.8x | |||
| $571M | $22M | 4.8x | 4.1x | 122.0x | 113.9x | |||
| $5.5B | $407M | 0.5x | 0.5x | 7.3x | 6.8x | |||
| $686M | $203M | 5.9x | - | 20.0x | - | |||
| $4.2B | $1.5B | 2.1x | 2.0x | 6.1x | 9.3x | |||
This data is available for Pro users. Sign up to see all ironSource competitors and their valuation data. Start Free Trial | ||||||||
Common questions about ironSource
| When was ironSource founded? | ironSource was founded in 2010. |
| Where is ironSource headquartered? | ironSource is headquartered in Tel Aviv, Israel. |
| Is ironSource publicly listed? | No, ironSource was acquired by Unity in July 2022. |
| Who acquired ironSource? | ironSource was acquired by Unity in July 2022. |
| How much was ironSource acquired for? | ironSource was acquired for $4.4B in July 2022, a 7.1x revenue multiple. |
| What is ironSource's valuation? | ironSource was last valued at $1.6B in its undisclosed-stage round in October 2019. |
| How much funding has ironSource raised? | ironSource has raised $555M across 3 funding rounds. |
| What was ironSource's last funding round? | ironSource's last funding round was a $450M undisclosed-stage round in October 2019, led by CVC Capital Partners. |
| Who are ironSource's investors? | ironSource's investors include Saban Capital Group, ClalTech, Access Industries, Redline Capital, CVC Capital Partners and Disruptive Technologies Venture Capital. |
| Which companies are comparable to ironSource? | Companies comparable to ironSource include CyberAgent, LTK, The Brandtech Group, Magnite, Rokt and Easy Click Worldwide. |
| How many companies has ironSource acquired? | ironSource has acquired 8 companies, including Luna, Bidalgo, Tapjoy, Luna Labs and Soomla. |
| What was the largest acquisition by ironSource? | The $400M acquisition of Tapjoy in October 2021 is the largest acquisition ironSource has made to date. |
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