Mapbox, a location data services provider, is in talks to go public through a merger with a blank-check firm backed by SoftBank Group Corp in a deal that could value the company at around $2 billion, according to a Sky News report on Friday.
The San Francisco-headquartered company is in talks with SVF Investment Corp 3 to take it public, the report said, citing a U.S. banking source.
Investment banks including Cantor Fitzgerald LP, Citigroup Inc, Deutsche Bank AG, JPMorgan Chase & Co and UBS AG could be involved in the deal, Sky said.
SoftBank has invested in Mapbox through its tech-focused Vision Fund, which led a $164 million funding round for the company in 2017.
Mapbox, whose website showed it has raised a total $226 million so far, was valued at $1.2 billion as of April 2020, according to data from PitchBook.
Founded in 2010, the company provides mapping services and a location cloud platform for developers. The company does not have an app but it has over 700 million monthly active users of its maps and is 100% carbon neutral, according to its website.
The company’s customers include Facebook Inc, Snap Inc, IBM Corp, Lonely Planet, CNN and Instacart.
SoftBank did not immediately respond to a Reuters request for comment, while Mapbox could not be reached.
Source: Reuters.com