June 16, 2021 – On today’s podcast, we welcome Taboola founder and CEO, Adam Singolda. Taboola is a global leader in powering recommendations for the open web. It recently announced a merger with SPAC ION Acquisition Corp 1 in a $2.6 billion deal.
On the podcast, Adam discusses:
- What he learned working in the elite-intelligence unit of the Israeli army
- The thesis behind the founding of Taboola
- How he nearly had to shut down the company three times due to running out of funding prior to finding success
- Key insights into the merger with SPAC ION Acquisition Corp 1
- And more
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Welcome investors to the Absolute Return Podcast. Your source for stock market analysis, global macro musings and hedge fund investment strategies. Your hosts Julian Klymochko and Michael Kesslering aim to bring you the knowledge and analysis you need to become a more intelligent and wealthier investor. This episode is brought to you by Accelerate Financial Technologies. Accelerate, because performance matters. Find out more at www.Accelerateshares.com
Julian Klymochko: I’m excited to have Adam from Taboola on The Absolute Return Podcast today. So, Adam, I was reading up on your background, which is very intriguing because it’s somewhat unique. You spent seven years doing advanced encryption for the INSA, which is an Elite Intelligence Unit in the Israeli army prior to founding Taboola in 2007. Can you tell us, like what this experience was like and what are some major learnings? It sounds just like some top-secret stuff may have gone on there.
Adam Singolda: No, I’m not sure how much I can tell you about what I did back then, but I can tell you it was quite incredible mainly because while I was, you know, in a very technical place, you know, working on a very important mission, you know, you know, for my country where I grew up and I’m, you know, and I met some of the most amazing people in the world, you know, in terms of how sophisticated they are and how innovative they are, the best lesson I’ve picked up was really a culture, you know, cultural message, you know, and lesson. And that was around just what’s the power of a group of people working together?
Julian Klymochko: Right.
Adam Singolda: You know, so in a fairly flat organization, so to me, you know, spending almost seven years there as an engineer and a team leader and an officer in the end, it was an incredible experience. Also developing this feeling of there’s nothing you cannot do, you know, this superpower, superhero kind of feeling that you know, with great group of people that have this focus. You can really do a lot and enrich a lot. So, it was mainly cultural for me, less than even though it was a technology environment. And then after that, I was, you know, still living in my parents’ house. And you know, at some point stumbled upon the reason for starting to Taboola, which was, I couldn’t find anything to watch on TV. And I thought, you know, I shouldn’t be looking for TV shows, TV shows should be looking for me, and that was the very beginning. Taboola in many ways is actually my first job.
Michael Kesslering: So, can you go into what exactly the thesis was behind the founding of Taboola? And what the problem was that you were really seeking to solve?
Adam Singolda: Yeah, so, you know, the experience I had was that I couldn’t, I’m sure many, many of you who listen to this podcast right now, you know, that feeling. It’s the end of the day, you’re sitting in front of your TV and you’re looking for something to watch and you spend so much time looking for something to watch you end up closing your TV and going to sleep, because you just can’t find it, this discovery problem. And I was convinced that the future will be you know, powered by recommendations. I thought search engines, you know, Google changed the world because if only, you know what you want and you can type it, you can find it. And that saved you a lot of time and it’s made information accessible. And that was a very important part, I think, for humanity.
But I thought the future would be exactly the opposite. I thought that information will be suggested to us. Where to go? What to buy? What to read? We only have 24 hours a day, so that will never change, that is a fact. And I think that as I look into the future, when I started Taboola, I thought, you know, human beings will make some of the most important decisions of their life based on recommendations, because it’s going to make them a better version of themselves. So that was the vision, and that’s why I started Taboola to build this recommendation engine that can be integrated anywhere, people spend their time. And I did what most good, you know, kids do when they have a huge problem. I went to my mom and I told her, you know, mom, there’s a huge opportunity in the future to invent sort of like a search engine in reverse.
Julian Klymochko: Right.
Adam Singolda: Instead of searching for information, information will be finding us. And then she was asking me, you know, what am I drinking? And what’s going on? And I said, nothing. I’m like, I’m very passionate about this moment of next problem that, you know, I should solve. And then she, you know, she introduced me to my first Angel investor. There’s a whole funny story about how that happened, but that was a very beginning, you know, right out of the army service and just, you know, just the very beginning.
Julian Klymochko: So, I’m intrigued, you have this light bulb moment, this moment of clarity, where you want to basically create a recommendation engine. What’s the story with the first Angel investor? How did that happen? And ultimately, how did Taboola go from just an idea in your head, in a concept to becoming a real business?
Adam Singolda: So, my mom who wasn’t sure how to help me said, she knows of this guy who is an investor and his daughter was celebrating a bar mitzvah, which means she was about to become 12, and she got me an invite. I was basically invited to the bar mitzvah of the person I didn’t know, and I also didn’t know his daughter. And as I was there, it was 7:00 PM, I was asking myself, what is a good time to go and pitch to an investor has he celebrates his daughter’s, you know, huge moment in life? And I figured 10:00 PM would be a great moment. Because, you know, he’ll be dancing a little bit, a glass of wine, he will be more relaxed. So, at 10:00 PM, I go to him and I said, you know, search engines were great because, you know, if you knew what you wanted, you can tap it and find it, but the future will be exactly the opposite. And recommendation engines will be all over us. You know, we’ll be on a browser, in your car and anywhere you go, you’ll be surrounded by recommendation engines.
And he was asking me who invited me and I said my mom, and he’s like, who’s your mom? And I told him my mom’s name. And he wasn’t sure exactly, you know, why am I there, but he appreciated the fact that I went through the trouble and he invited me to his house and a few days afterwards I came to his house at 4:00 PM on a Friday. And, you know, and for the first time I was pitching an investor, something I’ve never done before, never had a job before, was never interviewed for a job before. And after an hour of talking about it, he said, and I’m not sure I know exactly, you know, if it’s going to work out, but I’d love to, you know, go on this journey with you, he agreed to invest into Taboola. A fairly small amount, but for me, it was huge at the time.
And then I was thinking to myself. A good business people never say yes on the spot. So, I told him let me think about it, I was so excited, so I figured I had to get the hell out of the house as soon as I can, so he will not see that I’m so excited. So, I left and then I took the elevator down and I called my mom from the lobby. And I said, mom, you know, he said, he’ll do it. And she said, great, good news. And I said, no, but I haven’t told him yes yet. And she was like, you idiot, you have to say yes immediately, so I call him from the lobby. And I said, I’ve been thinking about it, I think we should do it. It was like maybe 45 seconds afterwards, and that was the very beginning, you know? And we’re not only now working together. He’s also, you know, one of my best friends, he is truly an angel, you know, how they refer to your early investors, angel investors. And he is truly an angel because it takes an angel to invest in someone’s dream especially someone with no experience, you know, that has never done it, in fact has never done anything. So, that was the very beginning 13 years ago. So actually, this podcast Julian is really my bar mitzvah celebration. That’s what we’re doing right now.
Julian Klymochko: Fabulous, so you have your first angel investor. He really kicked off this idea, basically gave it its first legs as it matured from strictly an idea, a potential concept to now a company. So, getting into that, how does Taboola marketplace business model work? So went from concept to actual implementation and revenue generation and customers. How do those mechanics work?
Adam Singolda: Yeah, so you know, now it’s obviously a different story. I started to build Taboola in 2007, we spend the first four to five years, we were about 10 people, you know, so very small team trying to just find, you know, a product market fit, trying to get anyone to try out our technology. It’s amazing to go back to those days when we were so small and just trying to survive it another day, you know, and I had three times during those years when I had a plan to shut down the business because I couldn’t, you know, finance it anymore.
Julian Klymochko: Right.
Adam Singolda: And three times I got lucky for different reasons. And you know, at one time a [Inaudible 00:09:02] chose to invest, on the back of that, other people agreed to join him and in time it was something else and, you know, you go now to Taboola, you know, we have 15 countries, we’re about four 1400 people working at Taboola, over 300 people apply for a job every single day.
Julian Klymochko: Wow.
Adam Singolda: And we hire one and a half people a day or so, one and a half, it sounds weird but it’s about 45 people or so a month. And so, it’s over a billion dollars in revenue, business, now profitable. So, at some point you have to like, you know, sometimes you have to stop herself and really pinch herself to remind yourself that it’s real, that, you know, dreams can come true. And it’s so much fun to do it with people that you really appreciate and the way the business work and the way we generate that revenue, like you said, it’s kind of like a two-side marketplace. On the one side we work with publishers, you know, all of you use all the time, you know CNBC, BBC, The Today Show, you know, some amazing publishers that we all love to read, watch and interact with all the time.
So, on the one side you work with these publishers, we have long-term exclusive global agreements with them to power recommendations on their site. So, if you go to CNBC and you might see more from Squad Box or more from CNBC or things of that nature, we powered those suggestion with the goal to try to engage you with something you might love on the site that you didn’t know existed. And that’s part of the services we provide, our publisher, partners at no cost and side-by-side to that we also recommend paid recommendations and the whole construct, it looks like an Instagram feed or Facebook newsfeed. You know, when you scroll down, some of the suggestion or from your friends, and some of them are paid by advertisers and that’s going to be, you know, a story, it can be a product. We’ve all seen kind of Instagram advertising experience, it’s very similar. So now this side of our business, we have advertisers. It can be bigger brands, smaller businesses who work with us because they want to be discovered on the open web. And the way we get paid is if you click on one of those paid recommendations we get paid and then we share that revenue with the publisher. So, the revenue model is we get paid, most of our ads are CPC, which means you get paid per click. That’s our top line revenue, we share a revenue share with the publisher and what’s left for us, it’s called ex-TAC which mean excluding traffic acquisition costs. And that’s a metric we monitor as management a lot. And then, you know, we run the business and then we have, you know, our adjusted EBITDA, which is our profitable and growing.
So that’s kind of like how it flow and the reason the business is so exciting is because, you know, the open web is a $60 billion market, that’s growing 10 to 15%. But if you think about the open web, most of the websites you go to, it’s still mainly monetized with banners. Banners are those cubes and images that you see on the site sometimes, and you rarely usually click on them. Like, you know, Michael, if I ask yourself, when’s the last time you clicked on a banner, it was probably few years ago and by mistake. You could think about, you know, $60 billion plus of advertising that is still mostly rendered, but, you know, advertising formats that were invented over 20 years ago, there’s a big opportunity to kind of switch that open web to feed of recommendations.
Julian Klymochko: Now, when everyone thinks about advertising on the internet, obviously the two companies that come to mind, the giants, Google, and Facebook. Now going through your materials, interviews, investor presentation, you discussed this concept of open web and really rallying against these walled gardens closed ecosystems. How is your model better for customers and consumers online versus these so-called walled gardens that are perhaps negative?
Adam Singolda: Well, I think that, you know, in general, when you think about walled garden, and what is the walled garden? A Wall Garden is really, you know, it’s an organization that’s prefers that the internet stays within, they don’t share data, they don’t share traffic. It’s not transparent, and, you know, it’s an organization that if it was up to them, the internet would be them, right? So, and the reason it’s bad is, well, it’s bad for publishers because publisher’s websites want people to interact with them directly, right? If you built your website over the last, whatever timeframe, you want people to be on your site, you want them to come back. You want them to interact with you, maybe subscribe to your sites, all those good things, you know? Wall, garden want publishers to stay in and that’s not good.
Advertisers don’t benefit from that because they become dependent on them. They’re so big and they’re not transparent, that’s what happens if they change their algorithm, by chance they wake up one day and then their traffic is gone and they can’t rely on that. And they want to diversify, they don’t want to be dependent on any one source of revenue. And then for consumers, I think Net-net over time, it’s not great because they want a strong internet that’s, you know, free and beautiful and strong. You know, we love the internet because we can learn things and educate ourselves and discover new products. So, we want the strong interne, so for those reasons, I think, wall garden possesses a challenge. And what I’m excited about is to build a company that’s exactly the opposite. Kind of like the Shopify for advertising, you know, company that’s exclusively focused on being a great partner.
Taboola will never be a consumer company. We will never fight our own partners. So, as I think about the future, I’m thinking there should be a company like Facebook, but completely partner oriented. Just wants to open web to be strong and, you know, and build infrastructure for the open web and be transparent and drive growth and make the internet fantastic. And that’s a big market, and I think there’s an opportunity to, you know, to build that. So that’s kind of like our position, we want to counterweight the giants if you will, you know, for the open web, where like the Robin Hood of the open web and that’s the company I want to build and continue to grow. We’re only, you know, $1.2 billion revenue company, obviously Google and Facebook are much bigger. But I believe there’s an opportunity to be the open web friend forever.
Michael Kesslering: And when you talk about transparency and really bringing about the open web, something that has obviously very topical within the large tech companies is, as you had mentioned the closed wall where they’re unwilling to do that, and that’s brought them under fire from global governments. And so, as you’re moving forward, is that something that you are in conversations with some of these global governments and really bringing about that or what’s the thought process moving forward there?
Adam Singolda: I mean, we’re following policies, you know, the way we interact with the different communities is basically, you know, we interacted with other partners, companies like us that are in the space, we follow privacy policies and things of that nature. You know, eventually, you know, what I love about that space is that it’s a big market. There are many great companies that you know, try to drive growth for that space. And we’re very global, so we learned from different countries, different things based on what we see in those markets, you know, Korea is great with e-commerce, and we see the value of e-commerce in Korea. In Japan you and learn about the importance of trust when you do partnerships and how you want to put your partner first and you meet the deadline and you meet and exceed your expectation.
And so those things, you know, from a global perspective and interacting with different communities is something that we love to see and do. And again, I think that we’re fighting the right fight, you know, one the right side of history, trying to make the open web better and stronger. And I think that a lot of people want to achieve the same. You know, so that’s kind of where we fit, you know. And again, I’m excited mainly because as I think about the future of the internet, I suspect my kids will have an open web that looks a lot more like TikTok and Instagram and WeChat, than a page with a lot of banners. The web should be beautiful, like Instagram, you know, it should be great, like a feed of personalized recommendations that I scroll down and spend a lot of time in and buy things and read things. And so, I think there’s an opportunity to kind of transform the open lab to be a product that is beautiful.
Julian Klymochko: And clearly, you’re passionate about this business and this mission. So Taboola started out as an idea, you brought to your mom, she introduces you to an investor that really kicks the whole business off. And I really appreciate your honesty and transparency and talking about how nearly three times you had to shut down the company, just couldn’t finance it, running out of money. And that’s really a struggle that I think most entrepreneurs go through. A lot of it is overly glamorized, but you’re just telling the truth and that it’s really, really difficult, but in a showcase of grit and determination, you made it through the struggles. And now a major milestone for the company, going public at a $2.6 billion valuation through a merger with SPAC Ion Acquisition Corp I. This includes a $285 million type financing as well. Was going public, always the plan? And if so, why did you choose to go public via a SPAC transaction?
Adam Singolda: We wanted to go public, or we were thinking about it for a long time. And we were trying to prepare ourselves for that, you know, mentally processes wise, you know, projections and things of that nature for a while. And then, you know, to really do it the right way, you know, this is something that you should take some time to get yourself ready for that. And, you know, overall work between the SPAC and the pipe, which includes some, you know, amazing investors, you know, like Fidelity [Inaudible 00:20:06] and others. You know, the total funding is $545 million which is great because it’s going to help us supercharge our efforts and, you know, driving growth for an open web for publishers, advertisers, small businesses, all the things we talked about today, investing in AI, looking at M&A, that could be exciting. So, this is really an exciting event for us, but really only just a new beginning.
In terms of why, you know, a SPAC, I think that even though Taboola is a technology company, people do business with people. And you know, we knew Gilad who who’s the founder and CEO of the before the event. And so, there’s a lot of trust that was built there. I was excited to have him join our journey, joined the board, you know, work with him about the process, you know, and think with him, you know, how to pitch investors and which investors to go to. And that was actually a great process for me and the team. You know, front-load the whole process of going public, at the very beginning, you know, at the very beginning you’re talking about the plan and how much money to raise and what’s evaluation and who should we go to, and all those things happened at the very beginning with someone you trust, that was great process for me, and eventually as you all know, once you go public, and you close, its call DE-SPAC, which is when you’re actually starting to trade. You’re just a public company, then you’re just have to be a great public company, nobody cares how you became public. That’s just a part of your journey, at that point people look at you and ask themselves, is it a great stock or not?
Julian Klymochko: Right.
Adam Singolda: Do I want to hold it forever or not? And that’s eventually what matters to me the most is building a great public company that can be here forever. And Gilad and my board members. We’ve hired two independent board members as well in addition, that’s to me what really excites me and I hope to, you know, cross the bridge soon. And like I told you earlier, I think the open web deserves a public company that’s exclusively focused on them, you know, a true partner-oriented company, win-win oriented company. We still think Q2 is the timeline, so hopefully soon we’ll be on the other side.
Julian Klymochko: Awesome to hear. And the strategy certainly makes sense, given you already had the relationship with Gilad and you felt like he could really add value in terms of your public company and debut, strategy, capital raising, et cetera. Now, you mentioned the significant capital infusion as part of this going public transaction, as much as $545 million, including the Pipe, SPAC capital, et cetera. So, in terms of use of proceeds, you mentioned a number of investments, including AI, e-commerce, M&A, TV, what is the strategic rationale behind these investments? And, you know, what are you really going to do to drive revenue growth? I noticed you’re also forecasting 16% revenue kegger into the future. What’s generally the key growth drivers and what can investors really expect from the use of proceeds and the capital into the company?
Adam Singolda: Yeah, so this is what we told investors. Think of Taboola in kind of like three bubbles. As you look into the future, the bubble in the middle is the core business. The one we’ve been doing for 13 years, right? And my management team, we’ve been together for around 10 years, some less, some more, but many of us have been doing this for a long time. We remember Taboola when it was very difficult and together, we executed into what it is now. And eventually we’re going to think about a business. You know, you can copy anything. I can copy your logo. I can copy your website. You can’t copy a company’s ability to execute. And that’s where culture I think is so important. So, from our perspective, one of our biggest innovation is our culture and people working together. So, the first bubble that I’m talking about is the core business. Websites, recommendations, feeds, you know, discovering editorial content,
So, the 60 plus is Google is search, Facebook is social, open web in the middle, 60 plus billion-dollar market, that’s the core business. And, I’ll get to some of the results, which we published our Q1 results. And we revised, we’ve raised our projections for the year. But that’s the core business, and that can grow a lot, it’s a big market. And again, were only $1.2 billion as of last year of that market. So, there’s a lot of growth there for us. And then you have two other growth engines, which we intend to invest. Overall, we invest a hundred million dollars a year in R&D. The first one is recommended anything. So, as you see it on the website that you love and you interact with our recommendations. Over time, we’ll recommend more types of things. So, as an example, e-commerce is something that we love the space. We’re going to suggest to you a product you might like to buy, a subscription services you might want to engage with. So, if you’re reading about something that carries an interest that you might have, you know, it’s kind of like a curiosity graph. If you’re reading about comparing the mobile devices, you might be in market to buy a new phone. If you’re reading about furniture, you might be in market, maybe you’re moving. So, there’s an opportunity for Taboola to drive more e-commerce through those experiences. And I should think the open web can be really interesting for e-commerce space, that market, which is a big market. We call Taboola recommending anything, so more types of recommendations. We want to get more to video, so as you scroll down on our feeds on a website you love, you should see more videos. We want to get into games. We should offer your games; you might want to download it and play. So, we want to diversify the recommendation index, and that will drive the yield growth. It means we’ll generate more revenue, almost like an ARPU, more revenue per thousand impressions, which means we can generate more revenue to our publisher partners. It’s a good Juju happened when you drive yield growth in our business. So that’s the second bubble, Taboola recommending anything.
The third bubble is Taboola recommending anywhere. And this is where you’re going to start seeing Taboola outside of a browser, not only on your website, we’re going to be on mobile devices. Like apple news shows you news on your iPhone. You should expect Taboola on many other devices to surface news you might like, you know, will be on your connected TV. You open an app, you’re not sure what to watch. We will be the recommendation engine for you. Maybe one day we’ll be in your car. I have a Spotify integration in mind, car. Why is there no you know, Squad Box in my car? Why there is no podcast in my car? That’s a shame. So, all of those great open web content, pieces of content, should be surface to me anywhere I am. So that’s kind of the third bubble, which is expanding to recommend anything anywhere. And all of it always remember in a win-win type of thinking, which means we’ll always grow only if our partners grow, that’s it, no identity crisis, no competition with our partners. And that’s kind of like the three bubbles that we spoke with investors about. We’ve had a good Q1. We originally forecasted that our ex-TAC will grow 16% in 2021 versus 2020. That was our original forecast.
Julian Klymochko: Right.
Adam Singolda: Just as a reminder, ex-TAC is what’s left for us after we paid our publishers. It’s a metric in our space that people use. And after a good Q1, we’ve shared the performance of that. We decided to revise or annual ex-TAC growth from last year to be in the range of 19 to 22% versus 16% originally that we forecasted. That means if last year with generated $382 million in ex-TAC. We now project in 2021, it will generate $456 million all the way to $466. That’s the range we revised our ex-TAC. We’ve also revised our EBITDA, so we’ve originally spoke about, you know, over 20% EBITDA growth. And now we’re revising that to 32 to 42% adjusted EBITDA growth from last year. So, that means if last year we generated $106 million of adjusted EBITDA. In 2021, we’re now forecasting to generate $140 to $150 million in adjusted EBITDA in 2021. These are the new numbers we’ve given to the market. And again, the main two drivers that help us drive that growth or yield that is investing in AI. We’re one of the most desirable places in Israel for engineers to work at. So, we invest a lot in AI and the ability to better predict what you might like to do next. Advertiser success, publisher success, and the second thing is more publishers we work with, that where, you know, fortunate to work with. We just announced the BBC a few days ago, which obviously is a huge win. We were so excited to be working with such a trusted quality brand, global brand. So that type of things drives growth to our business.
Michael Kesslering: So, what you just, I guess, spoke about was basically communicating your expectations of future results to the investing public. And that’s obviously an important role of a CEO of a public company. But what other roles do you think your role is going to evolve from being a private company CEO to a public company CEO?
Adam Singolda: Yeah, that’s a question that I keep asking myself and investors also asked me, you know, about what’s going to change or even what’s on my mind? And I think that, you know, on the one side I feel very confident in our financials, in our team that together we’re going to, you know, we’re crossing that bridge into becoming a public company and execute into our new beginning. And that’s an incredible feeling, you know, to have these Avengers together, you know, that’s where just fighting the fight and growing the company together. So, it’s such a reinforcing feeling. And so, on the one side, I feel great about it. I can’t wait to become a public company and I love interacting with the investment community and getting their feedback about our industry in the space.
And again, I think we’re uniquely positioned to customized our recommendation engine and not just an advertising company, I think that’s such a differentiated place. I think the biggest difference for me, even is on my mind is just the culture and how that’s going to change too. Taboola is a very transparent company, you know, during the pandemic, I had all hands with 1400 people, every Thursday, 9:00 AM for about a year, every Thursday. I remember when I asked my team, what do you think about doing that? They said, what do I think we’re going to talk about every week for an hour with 1400 people. And so, I had no idea, but we’re going to be just sitting there and talking to each other and we’ll answer a hundred percent of questions, whatever that is, can be personal, it can be business question, whatever it is, we’re going to talk about stuff and we’ve done it for a year. And all our servers actually show that people, you know, have grown their trust in management in times they haven’t seen us once, right? So, transparency and making everybody co-writing the story of Taboola is such a big part of what I care about. And I wonder how that’s going to translate into becoming a public company? You know, what can we, you know, what do we have to do differently? So that’s kind for me, the biggest change. And that’s something that, you know, I’m spending my time on, because I do think culture is by far the most important thin, a company has, side-by-side to its technology and products. But again, if you go back in history, Google wasn’t first, but became the biggest.
Julian Klymochko: Right.
Adam Singolda: Facebook wasn’t the first, but they came the biggest. Amazon wasn’t first, but they became the biggest. And I can go on and on and on. Being the first is by far an emotional thing, nobody cares. Being the best, it’s the only thing that matters. So, you’re only emotional if you think that your claim to fame is you were the first, if that’s your pitch, you’re already losing. So, for me executing is important. And the culture is important, and I think being a public company is a new thing, you know? So that’s kind of probably the biggest change.
Julian Klymochko: And with that key piece of wisdom being first doesn’t matter, being the best is what matters, I like that. So, we’ll end things there. And in terms of your transition from private to public company, certainly off to a great start with the Q1 results, boosting guidance for ex-TAC growth and EBITDA growth. If investors want to check out the story, currently the SPAC is trading under the symbol IACA once the merger and the going public transaction closes as expected in the second quarter, there’ll be trading under the symbol, TBLA. So, Adam, I’d like to thank you for coming on to The Absolute Return Podcast, you add some key insights, some key messages, and really expressing the struggle of the entrepreneur and ultimate success as you reach this milestone, we wish you the best of luck as a newly minted public company.
Adam Singolda: Thank you. Thank you. Thank you.
Julian Klymochko: All right. Bye everybody.
Thanks for tuning in to the Absolute Return Podcast. This episode was brought to you by Accelerate Financial Technologies. Accelerate, because performance matters. Find out more at www.AccelerateShares.com. The views expressed in this podcast to the personal views of the participants and do not reflect the views of Accelerate. No aspect of this podcast constitutes investment legal or tax advice. Opinions expressed in this podcast should not be viewed as a recommendation or solicitation of an offer to buy or sell any securities or investment strategies. The information and opinions in this podcast are based on current market conditions and may fluctuate and change in the future. No representation or warranty expressed or implied is made on behalf of Accelerate as to the accuracy or completeness of the information contained in this podcast. Accelerate does not accept any liability for any direct indirect or consequential loss or damage suffered by any person as a result relying on all or any part of this podcast and any liability is expressly disclaimed.
