Digital forensics firm Cellebrite to go public via $2.4 bln SPAC deal

Cellebrite DI

08/04/2021 12:40

April 8 (Reuters) - Cellebrite DI Ltd, a digital
intelligence company, said on Thursday it has agreed to go
public through a merger with a blank-check firm, valuing the
equity of the combined company at around $2.4 billion.
    The deal is expected to provide the merged entity with gross
cash proceeds of $480 million, including private investments
from fund groups such as Light Street Capital, Makena Capital
and Axon Enterprise Inc.
    Founded in 1999, the San Francisco-based firm provides
digital intelligence to public and private sector firms
conducting investigations, helping them convict civil and
criminal offenders.
    Special purpose acquisition companies, or SPACs, are shell
companies that raise funds through an initial public offering to
take a private company public through a merger at a later date.
    Cellebrite will merge with the SPAC TWC Tech Holdings II
 TWCT.O  and begin trading on the Nasdaq after the merger under
the new ticker symbol "CLBT".
    J.P. Morgan Securities LLC is serving as financial adviser
to Cellebrite, while BofA Securities is the capital markets
adviser to TWC Tech Holdings.

 (Reporting by Sohini Podder in Bengaluru; Editing by Saumyadeb
Chakrabarty)
 ((sohini.podder@thomsonreuters.com;))