IronSource CEO Tomer Bar-Zeev will join Unity’s board of directors and executive leadership team.
Graphics maker Unity has announced that it has entered into a merger agreement with IronSource. IronSource is a platform that allows developers to monetize apps. It will become a new subsidiary of Unity, and the deal is expected to close during Unity’s fourth quarter of 2022.
With the merger, both companies intend to enhance Unity’s offerings for creators. “We believe the world is a better place with more successful creators in it,” said Unity CEO John Riccitiello. “The combination of Unity and IronSource better empowers creators of all sizes by giving them all the tools they need to create and develop successful apps in games and verticals. towards other consumers such as e-commerce”.
This merger is one of Unity’s recent business expansions.
Additionally, when the deal closes, IronSource CEO Tomer Bar-Zeev will join Unity’s board of directors and will serve on Unity’s executive leadership team.
This merger is one of Unity’s recent business expansions. In January 2022, the game engine maker purchased software developer Ziva Dynamics. Previously, it acquired 3D data processing company Pixyz Software, environment developer SpeedTree, remote desktop streaming engine Parsec, VFX platform Weta Digital and tool maker SyncSketch collaboration.
Also two weeks before the announcement of the merger with IronSource, 4% of Unity’s workforce was laid off and is still continuing, according to the sources. Shares of Unity fell 13% after announcing a merger deal with IronSource. While shares of IronSource are up nearly 50%. The company allows game developers to manage advertising and marketing, and view engagement through dashboards and other tools.
IronSource, valued at approximately $4.4 billion, will be consolidated into a wholly owned subsidiary of Unity through an all-stock deal. Each share of IronSource common stock will be exchanged for 0.1089 shares of Unity common stock.
Upon completion of the transaction, Unity shareholders will own approximately 73.5% of the combined company, and existing IronSource shareholders will hold approximately 26.5%. Unity says a stock buyback program of up to $2.5 billion will go into effect when the transaction closes.
