iLearningEngines’ revenue grew nearly 36
percent year-over-year to $195.2 million for the six months ended
June 30, 2023
Arrowroot Acquisition Corp. (NASDAQ:ARRW), a publicly traded
special purpose acquisition company (“Arrowroot”) sponsored by
Arrowroot Capital, a 10 year old private equity firm specializing
in enterprise software, and iLearningEngines, Inc.
(“iLearningEngines” or “the Company”), a leader in AI-powered
learning automation and information intelligence for corporate and
educational use, today announced the filing with the U.S.
Securities and Exchange Commission (the “SEC”), of a registration
statement on Form S-4 (the “Registration Statement”) in connection
with the previously announced business combination (the
“Transaction”) between Arrowroot and iLearningEngines.
The Registration Statement contains a preliminary proxy
statement and prospectus in connection with the Transaction. While
the Registration Statement has not yet become effective and the
information contained therein is subject to change, it provides
important information about iLearningEngines and the
Transaction.
About iLearningEngines and Its Proposed Business Combination
with Arrowroot
iLearningEngines is the market leader in cloud-based, AI driven
mission critical training for enterprises. iLearningEngines has
consistently ranked as one of the fastest growing companies in
North America on the Deloitte Technology Fast 500. The company’s AI
and Learning Automation platform is used by enterprises to
productize their enterprise knowledge for consumption throughout
the enterprise. The intense demand for scalable outcome-based
training has led to deployments in some of the most regulated and
detail-oriented vertical markets, including Healthcare, Education,
Insurance, Retail, Oil & Gas / Energy, Manufacturing and
Government. The company was founded by Harish Chidambaran in 2010,
with headquarters in Bethesda, MD and offices in Dubai, UAE, Sydney
Australia, and Trivandrum, Pune and Kochi, India.
As previously announced on April 27, 2023, iLearningEngines
entered into a merger agreement with Arrowroot Acquisition Corp.
(NASDAQ:ARRW) (“Arrowroot”), a publicly traded special purpose
acquisition company sponsored by Arrowroot Capital, a 10 year old
private equity firm specializing in enterprise software. Upon
closing of the transaction, the combined company will be named
iLearningEngines, Inc., and is expected to remain listed on the
NASDAQ under the new ticker symbol “AILE.” The transaction is
subject to the satisfaction of the necessary regulatory approvals
and customary closing conditions, including the approval of
Arrowroot’s shareholders.
About Arrowroot Acquisition Corp.
Arrowroot Acquisition Corp. is a special purpose acquisition
company formed for the purpose to effect a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses. The
company is sponsored by Arrowroot Capital, a leading investor in
enterprise software. Arrowroot Acquisition Corp. was founded on
November 5, 2020 and is headquartered in Marina Del Rey, CA.
Important Information About the Proposed Transaction and
Where to Find It
A full description of the terms of the transaction is provided
in a registration statement on Form S-4 (File No. 333-274333) filed
with the SEC by Arrowroot Acquisition Corp. that includes a
prospectus with respect to the combined company’s securities to be
issued in connection with the business combination and a proxy
statement with respect to the shareholder meeting of Arrowroot
Acquisition Corp. to vote on the business combination. Arrowroot
Acquisition Corp. urges its investors, shareholders and other
interested persons to read the preliminary proxy statement/
prospectus as well as other documents filed with the SEC because
these documents will contain important information about Arrowroot
Acquisition Corp., iLearningEngines and the transaction. After the
registration statement is declared effective, the definitive proxy
statement/prospectus to be included in the registration statement
will be mailed to shareholders of Arrowroot Acquisition Corp. as of
a record date to be established for voting on the proposed business
combination. Once available, shareholders will also be able to
obtain a copy of the S-4, including the proxy statement/prospectus,
and other documents filed with the SEC without charge, by directing
a request to: Arrowroot Acquisition Corp., address. The preliminary
and definitive proxy statement/prospectus to be included in the
registration statement, once available, can also be obtained,
without charge, at the SEC’s website (www.sec.gov).
Forward-Looking Statements
This press release contains forward-looking statements that are
based on beliefs and assumptions and on information currently
available. In some cases, you can identify forward-looking
statements by the following words: “may,” “will,” “could,”
“expect,” “intend,” “plan,” “believe,” “estimate,” “continue” or
the negative of these terms or other comparable terminology,
although not all forward-looking statements contain these words.
These statements involve risks, uncertainties and other factors
that may cause actual results, levels of activity, performance or
achievements to be materially different from the information
expressed or implied by these forward-looking statements. We
caution you that these statements are based on a combination of
facts and factors currently known by us and our projections of the
future, which are subject to a number of risks. Forward-looking
statements in this press release include, but are not limited to,
statements regarding the proposed business combination, including
the timing and structure of the transaction, the listing of the
combined company’s shares, iLearningEngines’ future growth and
innovations, the total addressable market for global e-Learning and
global AI systems, and the existence of, as well as the potential
value and duration of, any return on investment for customers of
the combined company. We cannot assure you that the forward-looking
statements in this press release will prove to be accurate. These
forward looking statements are subject to a number of risks and
uncertainties, including, among others, changes in domestic and
foreign business, market, financial, political, and legal
conditions the ability of existing investors to redeem the ability
to complete the business combination due to the failure to obtain
approval from Arrowroot Acquisition Corp.’s shareholders, the
failure to satisfy other closing conditions in the business
combination agreement or otherwise, the occurrence of any event
that could give rise to the termination of the business combination
agreement, the failure to consummate the transactions contemplated
by the forward purchase agreements, the ability to recognize the
anticipated benefits of the business combination, risks relating to
the uncertainty of the projected financial information with respect
to iLearningEngines; risks related to the rollout of
iLearningEngines’ business and the timing of expected business
milestones; the effects of competition on iLearningEngines’
business, and other risks and uncertainties, including those
included under the header “Risk Factors” in the registration
statement on Form S-4 filed by Arrowroot Acquisition Corp. with the
SEC and those included under the header “Risk Factors” in the final
prospectus of Arrowroot Acquisition Corp. related to its initial
public offering. Furthermore, if the forward-looking statements
prove to be inaccurate, the inaccuracy may be material. In
addition, you are cautioned that past performance may not be
indicative of future results. In light of the significant
uncertainties in these forward-looking statements, you should not
rely on these statements in making an investment decision or regard
these statements as a representation or warranty by us or any other
person that we will achieve our objectives and plans in any
specified time frame, or at all. The forward-looking statements in
this press release represent our views as of the date of this press
release. We anticipate that subsequent events and developments will
cause our views to change. However, while we may elect to update
these forward-looking statements at some point in the future, we
have no current intention of doing so except to the extent required
by applicable law. You should, therefore, not rely on these
forward-looking statements as representing our views as of any date
subsequent to the date of this press release.
No Offer or Solicitation
This communication is for informational purposes only and does
not constitute an offer or invitation for the sale or purchase of
securities, assets or the business described herein or a commitment
to the Company or iLearningEngines, nor is it a solicitation of any
vote, consent or approval in any jurisdiction pursuant to or in
connection with the business combination or otherwise, nor shall
there be any sale, issuance or transfer of securities in any
jurisdiction in contravention of applicable law.
Participants in Solicitation
Arrowroot Acquisition Corp. and iLearningEngines, and their
respective directors and executive officers, may be deemed
participants in the solicitation of proxies of Arrowroot
Acquisition Corp.’s stockholders in respect of the business
combination. Information about the directors and executive officers
of Arrowroot Acquisition Corp. is set forth in the Arrowroot
Acquisition Corp.’s filings with the SEC. Information about the
directors and executive officers of iLearningEngines and more
detailed information regarding the identity of all potential
participants, and their direct and indirect interests by security
holdings or otherwise, have been set forth in the definitive proxy
statement/prospectus for the business combination. Additional
information regarding the identity of all potential participants in
the solicitation of proxies to Arrowroot Acquisition Corp.’s
stockholders in connection with the proposed Business Combination
and other matters to be voted upon at the special meeting, and
their direct and indirect interests, by security holdings or
otherwise, will be included in the definitive proxy
statement/prospectus, when it becomes available.
Use of Data
The data contained herein is derived from various internal and
external sources. Neither Arrowroot nor iLearningEngines has
independently verified the accuracy or completeness of the
information derived from external sources. Any market data in the
communication involves a number of assumptions and limitations, and
there can be no guarantee as to the accuracy or reliability of such
assumptions. Further, no representation is made as to the
reasonableness of the assumptions made within or the accuracy or
completeness of any projections or modeling or any other
information contained herein. Any data on past performance or
modeling contained herein is preliminary, subject to change and may
not be indicative of actual future performance. Arrowroot and
iLearningEngines assume no obligation to update the information in
this communication.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230901907224/en/
For iLearningEngines: Investor Contact: Kevin Hunt
iLearningEnginesIR@icrinc.com
Media Contact: For Arrowroot Acquisition Corp.: Jessica Schmitt
jschmitt@arrowrootcapital.com
For iLearningEngines: Dan Brennan ICR Inc.
iLearningPR@icrinc.com
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