Training software firm iLearningEngines to merge with Arrowroot-backed SPAC

• The combined company will continue to be led by iLearningEngines’ existing CEO and founder Harish Chidambaran
• iLearningEngines was founded in 2010
• Cooley LLC is serving as legal counsel to iLearningEngines and Goodwin Procter LLP is serving as legal counsel to Arrowroot Acquisition Corp

Bethesda, Maryland-based iLearningEngines, a provider of AI-powered learning automation and information intelligence for corporate and educational use, has agreed to merge with Arrowroot Acquisition Corp, a blank check company backed by Arrowroot Capital.

When the deal closes, the combined company will be named iLearningEngines, Inc., and is expected to remain listed on the NASDAQ under the new ticker symbol, ‘AILE’.

The combined company will continue to be led by iLearningEngines’ existing CEO and founder Harish Chidambaran.

The pro forma implied enterprise value of the combined company is approximately $1.4 billion.

“Arrowroot is in our 10th year; investing globally and specifically in growing enterprise software companies. We explored dozens of candidates for our first SPAC investment, searching for the next category killer, a $1 billion plus business that could be the next $10 billion company,” said Arrowroot CEO Matthew Safaii. “We believe we found that in iLearningEngines. This is a company with over 100,000 engineering research and development hours invested in creating one of the biggest independent AI focused software platform companies in the world.”

iLearningEngines has been backed by WTI, a multi-stage venture finance firm that specializes in investments into leading technology companies. iLearningEngines was founded in 2010.

Cooley LLC is serving as legal counsel to iLearningEngines and Goodwin Procter LLP is serving as legal counsel to Arrowroot Acquisition Corp.

Arrowroot Acquisition Corp was founded on November 5, 2020 and is headquartered in Marina Del Rey, California.