System1, a Leading Omnichannel Customer Acquisition Platform, to Become a Publicly Listed Company Through a Business Combination With Trebia Acquisition Corp.
Concurrent with this transaction, System1 will be combining with Protected.net, a leading developer of security and privacy subscription products with over 2 million paying subscribers.
The acquisition enables System1 to grow its privacy-focused products and further diversify its business model. The combined business is ideally positioned for the privacy-centric future of digital marketing.
"Today's news is a testament to the hard work and dedication of every member of the team. Our continued desire for growth, along with a relentless appetite for perfection, has got us to where we are today.“
Chris Phillips, CEO JDi & Protected.net
System1, a fast-growing and profitable omnichannel customer acquisition platform, will be valued at $1.4 billion in connection with the transaction.
The growth capital provided by the transaction will accelerate System1’s leading position as a privacy-centric digital marketer, allow for investment in its proprietary technology platform (Responsive Acquisition Marketing Platform, or RAMP) and complete its acquisition of Protected.net.
The transaction includes up to $600 million of fully committed financing, comprised of a debt commitment of up to $400 million and a $200 million equity backstop from Cannae Holdings, Inc. (NYSE: CNNE) that, together with a portion of the debt commitment, will be utilized as a backstop for potential future Trebia redemptions. This backstop combined with the potential for management to roll additional equity will cover 100% of any potential future redemptions by Trebia public stockholders.
The transaction will provide $175 million1 in cash to System1’s balance sheet2.
The transaction is expected to close in Q4 2021; the parent company will be known as System1 Group, Inc. and will trade its shares of common stock on the NYSE under the ticker symbol “SST”.
About System1
System1 combines best-in-class technology & data science to operate the world’s most advanced Responsive Acquisition Marketing Platform (RAMP). System1’s RAMP is omni-channel and omni-vertical, and built for a privacy-centric world. RAMP enables the building of powerful brands across multiple consumer verticals, the development & growth of a suite of privacy-focused products, and the delivery of high-intent customers to advertising partners.
For more information, visit www.system1.com
About Trebia Acquisition Corp.
Trebia Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more business entities. The company was founded by William P. Foley, II and Frank R. Martire, Jr. on February 11, 2020 and is headquartered in New York, NY.