AdTheorent, a US-based digital advertising technology provider that counts telecommunications group Verizon as an investor, has agreed to a reverse merger with special purpose acquisition company with CAP Acquisition Corporation.
The transaction will value the merged business at approximately $775m and it will take the Nasdaq Capital Market listing secured by CAP Acquisition Corporation, which is sponsored by asset manager Monroe Capital, in a $275m initial public offering in March 2021.
The deal will be boosted by $122m in private investment in public equity financing anchored by Monroe Capital, data analytics service provider Palantir and financial services firm Hana Financial Group.
Founded in 2011, AdTheorent has built a software platform which utilises machine learning technology to help businesses run effective programmatic advertising campaigns.
Verizon Ventures, the corporate venturing arm of Verizon then known as Verizon Investments, led a $4m round for the company in 2013, investing alongside Mogility Capital and OmniCapital Group.
AdTheorent subsequently added an undisclosed amount from HIG Growth Partners, the growth capital affiliate of private equity firm HIG Capital, four years later.
