Advertising technology company Moloco has selected banks to arrange an initial public offering of the company, according to people familiar with the matter.
The California-based firm is working with Goldman Sachs Group Inc. and JPMorgan Chase & Co. on the first-time share sale, the people said, asking not to be identified as the information is private. The company held preliminary talks with potential advisers earlier this year, Bloomberg News reported in January.
Moloco, which counts Tiger Global Management and Fidelity Management & Research Co. among its backers, was valued at more than $2 billion after a secondary share sale in 2023, according to a statement at the time.
Deliberations are ongoing and more banks could be added to the lineup, the people said. Representatives for Moloco, Goldman Sachs and JPMorgan declined to comment.
Moloco, whose name is short for “machine learning company”, was founded in 2013, its website shows. It has worked with brands including Fanatics Inc., Wayfair Inc. and Burger King, its website shows.
Its flagship product is an advertising platform that incorporates artificial intelligence, and it has another platform to connect advertisers and retailers. The company also offers a streaming monetization service. Ikkjin Ahn, the company’s co-founder and chief executive officer, was YouTube’s first machine learning engineer for monetization.
Written by: Bailey Lipschultz — With assistance from Anthony Hughes @Bloomberg
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