Israeli digital forensics startup Cellebrite DI Ltd. is the latest company set to go public via a special-purpose acquisition company through a merger with TWC Tech Holdings II Corp. in a deal that values the company at about $2.4 billion.

The deal involves Cellebrite obtaining $580 million, comprised of TWC Tech Holdings’ cash held in trust. TWC Tech Holdings’ shareholders will receive a combination of cash and stock in Cellebrite. The transaction also includes a private investment of about $300 million in Cellebrite from Light Street Capital, Makena Capital and Axon Enterprise.

Cellebrite intends to use the proceeds from the transaction to accelerate plans to pursue significant near-term growth opportunities, develop new customer solutions and expand its market reach. Founded in 1999, the company offers advanced mobile data solutions designed to enable the extensive use and management of mobile phone data for mobile lifecycle and mobile forensics.

What it’s most famous for, however, is phone hacking. Along with the company claiming back in 2018 to be able to hack iOS 11, it also helped authorities crack the iPhone used by the shooter in the 2015 massacre in San Bernardino, California.

Cellebrite works with a range of public and private sector customers, including federal, state and local public safety agencies. Its stated mission is “to enable its customers to protect and save lives, accelerate justice and preserve privacy in communities around the world.”

The company’s tools have found a willing audience, with its solutions having been purchased by 6,700 public safety agencies and private sector enterprises in more than 140 countries. They’re claimed to have helped millions of investigations globally.

“Cellebrite’s vision is to provide industry-leading technology and a holistic DI solution that enables our customers to transform and digitize their entire investigative process,” Cellebrite Chief Executive Officer Yossi Carmil said in a statement.

The deal is expected to close in either the second or third quarter subject to approval from shareholders. The combined company will be listed on the Nasdaq stock exchange under the new ticker symbol “CLBT.”

Image: Cellebrite