MariaDB Corporation Ab, which sells the popular open source database by the same name, said on Tuesday that it intends to become a public company with the help of Angel Pond Holdings Corporation.
The deal, announced in a S-1 filing with the US Securities and Exchange Commissio,n [PDF] describes the Cayman Islands-based biz as a special purpose acquisition company (SPAC). It was formed by Shihuang "Simon" Xie, a co-founder of Alibaba Group, and Theodore Wang, a former Goldman Sachs partner, to raise capital from investors in order to acquire another company.
SPAC-driven deals have become popular in recent years partly as a defense against market volatility, which can complicate initial public offerings when companies try to go the traditional route to market. They also provide a clearer exit path for investors, allowing acquired firms to go public more quickly and at less cost, and to negotiate their value directly with the SPAC.