Mobile marketing company ironSource has secured investment of more than $400 million from CVC Funds. The private equity investor has acquired a minority stake in the Israel-based business to further accelerate its growth.
IronSource builds technologies that helps developers “take their apps to the next level”. It works with a combination of customers including software, app and game developers, telecom operators and mobile device original equipment manufacturers (OEMs).
Founded in 2009, the company focuses on developing technologies for app monetisation and distribution, with its core products targeting game developers.
“As one of the world’s most respected private equity firms, CVC has a track record of successfully partnering with companies to drive global growth,” said Tomer Bar Zeev, CEO and co-founder of ironSource.
“As such they are the perfect partner for this next phase in our journey, as we continue to scale internationally, engage with A-class partners and invest heavily in building out our offering for game developers.”
IronSource says it has been profitable from almost day one and is on track to finish 2019 with approximately $1 billion of revenue. The gaming industry is experiencing rapid growth, and is on track to generate $180 billion in 2021, with mobile gaming experiencing a 27% CAGR.
Daniel Pindur, partner at CVC Capital Partners, adds:
“We are delighted to be partnering with such an innovative and exciting technology business. The investment in ironSource is a unique opportunity to support a well-respected founder-led organization to accelerate its growth. We look forward to working with Tomer Bar Zeev and his team to take the company to the next level.”