Outbrain, one of the top providers of clickbait advertising, filed on Tuesday to raise at least $100 million through an initial public offering — a day before its top competitor. it started trading publicly.
The company calls itself a content recommendation platform, placing so-called chumbox ads on websites, hoping to engage readers in the way that anglers use bits of dead fish to lure in fish. other. Outbrain says it had $767 million in revenue last year and $4.4 million in net income. The company said it has yet to determine a price range, valuation or asking price and will aim to raise more than $100 million.
Founded in 2006, Outbrain says it delivers ads to more than 7,000 digital destinations, paying sites like CNN, Der Spiegel and Le Monde whenever a user clicks on an ad. More than 20,000 advertisers use its platform, according to the company.
In 2019, Outbrain planned to merge with its main rival, Taboola, but the deal fell apart last fall. Taboola said this year that it will go public by merging instead with a so-called special purpose acquisition company, or SPAC. It is set to begin trading on the Nasdaq exchange on Wednesday.