Software Acquisition Group III, the third blank check company led by former Ooyala officers targeting a software company, raised $200 million by offering 20 million units at $10.
Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50 per share.
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The company is led by CEO, CFO, and Chairman Jonathan Huberman, who previously led the turnaround effort at video ad-tech platform Ooyala as CEO from 2017 to 2019. VP of Acquisitions Mike Nikzad previously served as COO and President of Ooyala.
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 of $600 million or greater.
The pair's previous SPACs include 2020 IPO Software Acquisition Group II (SAII), which has a pending merger agreement with vehicle data platform Otonomo, and 2019 IPO Software Acquisition Group, which merged with subscription documentary streaming service CuriosityStream (CURI) last year.
Software Acquisition Group III plans to list on the Nasdaq under the symbol SWAGU. Jefferies acted as sole bookrunner on the deal.
