Advertising-technology company AdTheorent Inc. is nearing a combination with a special-purpose acquisition company to go public in a deal that would value the firm at about $1 billion, people familiar with the matter 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 would merge with the SPAC MCAP Acquisition Corp., the people said. The deal could be announced as soon as this week.
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.