Digital analytics firm SimilarWeb to raise $180 million in NY IPO

Tel Aviv-based firm prices its shares at $22, at a valuation of at least $1.6 billion according to Hebrew media; trading to start on Wednesday

By Shoshanna Solomon

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12 May 2021, 3:16 pm

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Shoshanna Solomon was The Times of Israel's Startups and Business reporter

Illustrative: Traders at the New York Stock Exchange, March 17, 2020. (AP Photo/Mark Lennihan)

SimilarWeb, a maker of website analytics tools to measure and predict customer behavior, on Wednesday announced the pricing of its initial public offering of shares on the New York Stock Exchange, selling 8 million shares at $22 apiece. The offering values the company, founded in 2009, at at least $1.6 billion, Hebrew media estimated.

The share price of the offering is higher than the price originally targeted, which was in the range of $19-$21 per share.

The shares are expected to start trading on the exchange on Wednesday under the ticker symbol SMWB.

In its prospectus filed with regulators in April, the company said it sells its analytics software to companies across a wide range of industries, from retail to travel, consumer finance and marketing and advertising agencies.

SimilarWeb posted revenue of $93.5 million in 2020, up from $70.6 million in 2019, and a net loss of $20 million for the year, compared to a loss of $17.7 million in 2019. The firm estimated that the total addressable market for its platform is approximately $34 billion. At the end of 2020 the Tel Aviv-based company employed 576 employees.

SimilarWeb, co-founded by CEO Or Offer and Benjamin Serot, its chief product officer, had raised $232.2 million to date from investors including Israeli VC fund ION Crossover Partners, Israeli private equity fund Viola, CE Ventures and Saban Group, according to data compiled by Start-Up Nation Central.

“Changes in laws, regulations and public perception concerning data privacy, or changes in the patterns of enforcement of existing laws and regulations, could impact our ability to gather, process, update the data that we use to generate our products and/or provide some or all of our products,” the prospectus mentions, among the risk factors. “Furthermore, our actual or perceived failure to comply with such obligations could harm our business.”