Israeli media company Pomvom and Israel Acquisitions Corp., a Nasdaq-listed Special Purpose Acquisition Company (SPAC), have reached a definitive business combination agreement. The combined entity, valued at an equity total of $125 million, will see Pomvom transition from the Tel Aviv Stock Exchange (TASE) to a listing on the Nasdaq.
Israel Acquisitions Corp., co-founded by Izhar Shay and Ziv Elul, is set to merge with Pomvom, an Israeli image technology company providing advanced solutions for amusement parks and event photography. The strategic union aims to amplify Pomvom’s technological platform, which aids in capturing visitor experiences at various entertainment venues globally.
Pomvom has partnered with major operators like Six Flags, Warner Bros., and Merlin Entertainment. Notable agreements inked in 2023 with Warner Bros. and Six Flags are projected to boost Pomvom’s partner sites to 47 by the end of 2024, marking a 23% increase from the existing 38 sites. This expansion is anticipated to fuel further growth in the upcoming years, especially with Pomvom’s advanced digital content rollout across these venues.
Pomvom reported revenues $57.4 million in 2022, and in the first nine months of 2023 saw revenues of $45.3 million. Following the merger, and with a capital boost of at least $20 million, Pomvom is poised to pursue aggressive growth strategies, aiming for a minimum 30% revenue increase in 2024 and targeting a positive adjusted EBITDA.
Back in the halcyon era of SPACs – 2021 and 2022, to be exact – 12 Israeli startups exited through the exit strategy, listed below.
Once regarded with skepticism and blamed for challenges within the startup ecosystem, the emergence of this new SPAC IPO could herald a series of similar ventures. Data from StartupHub.ai indicates that more than 200 Israeli startups have secured Series C or higher funding rounds, presenting a wealth of potential targets for SPAC mergers.
