True North Buys Stake in InMobi Ahead of $1 Billion IPO

Private equity firm True North has acquired a minority stake in InMobi, an adtech company backed by SoftBank. The deal is worth $50-60 million and gives True North around 2-3% of InMobi's shares.

The transaction includes secondary share purchases from some of InMobi's early investors who are seeking to exit partially. A small primary funding component was also part of the deal.

InMobi has raised over $774 million in funding to date, with notable investors including SoftBank, Sherpalo Ventures, and Kleiner Perkins. The company is currently preparing for a proposed IPO worth $1 billion, having appointed JPMorgan Chase and Jefferies as advisors.