The parent company of Cision, a leading global provider of cloud-based earned media solutions, and Capitol Acquisition Corp. III, a publicly traded investment vehicle, recently revealed the closing of their merger following the receipt of stockholder approval at Capitol 3’s annual meeting.
In connection with the consummation of the merger, the combined company was renamed Cision Ltd., and anticipates that starting on June 30, 2017, its ordinary shares and warrants will begin trading on the New York Stock Exchange and NYSE MKT under the symbols CISN and CISN WS, respectively.
“We are excited to have closed our merger with Cision and appreciate our investors for their support of this transaction,” says Mark D. Ein, Chairman and Chief Executive Officer of Capitol 3.
“As a market leader providing integrated SAAS-based solutions for the growing and increasingly important earned media industry, Cision is exactly the type of investment opportunity we were looking for that should deliver superior long-term returns for shareholders.” Cision represents the Capitol team’s third successful SPAC transaction following the creation of Two Harbors Investment Corp. and merger with Lindblad Expeditions Inc.
“Becoming a publicly listed company through the merger with Capitol will further accelerate our technology innovation in the communications and PR industries, enabling Cision to execute on our growth plan,” said Cision CEO Kevin Akeroyd. “Our software platform, the Cision Communications Cloud, is transforming the way companies communicate with journalists, influencers and consumers by applying data driven techniques to enable targeted and measurable earned media campaigns.”
As previously announced, Cision’s management team, led by CEO Kevin Akeroyd and CFO Jack Pearlstein, will continue to run the combined company. In connection with the transaction, Capitol’s stockholders elected seven directors to serve on the board of the combined company: Mark M. Anderson who will serve as Chairman, Mark D. Ein, who will serve as Vice Chairman, as well as Kevin Akeroyd, Philip A. Canfield, L. Dyson Dryden, Stephen P. Master, and Stuart Yarbrough, who will serve as directors.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Credit Suisse served as financial and capital markets advisors to Capitol. PJT Partners served as financial advisor to Cision. Latham & Watkins LLP and Graubard Miller acted as legal advisors to Capitol and Kirkland & Ellis LLP acted as legal advisor to Cision.