Software Acquisition Group II, the second blank check company led by former Ooyala officers targeting a software company, raised $150 million by offering 15 million units at $10. Each unit consists of one share of the common stock and one-half of one redeemable warrant, exercisable at $11.50.
To screen for upcoming or past SPAC IPOs, sign up for a free trial of IPO Pro.
The Las Vegas, NV-based company is led by CEO, CFO, and Chairman Jonathan Huberman, who previously served as CEO of Ooyala (acquired in 2019), Syncplicity, and Tiburon; and VP of Acquisitions Mike Nikzad, who previously served as COO and President of Ooyala and COO of NewNet Communication Technologies and Syncplicity. The company plans to target software companies, especially those targeting enterprise vertical sectors owned by private equity and venture capital firms as well as corporate carve-outs, with enterprise values between $300 million and $750 million.
The pair's previous SPAC, Software Acquisition Group (SAQN), went public in November 2019 and recently announced a merger agreement with streaming platform CuriosityStream, with an expected initial enterprise value of $330 million. SAQN's common shares closed Monday at $9.99, a penny below the original offer price.
Software Acquisition Group II plans to list on the Nasdaq under the symbol SAIIU. B. Riley FBR acted as lead manager on the deal.
