Air Canada Stock – Data Analytics Firm Glassbox Raises $100 Million in Israeli IPO
Data analytics company Glassbox is set to begin trading on the Tel Aviv Stock Exchange Thursday, after raising $100 million in an initial public offering.
The company will have a post-listing valuation of almost $500 million, Glassbox said in a statement. It plans to use the funds to expand into new markets, make acquisitions and double its workforce from more than 250 employees.
Glassbox analyzes billions of interactions monthly to help companies such as Air Canada and SoFi Technologies Inc. improve users’ online experience and likelihood of completing a purchase. Chief Executive Officer Yaron Morgenstern said that for every $1 customers spend on its services, they typically earn about $5 in savings by preventing lost revenues from their digital channels. In an investor presentation, the company said it reached $35 million in annual recurring revenues in the first-quarter 2021.
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“We’ve seen massive segments of consumers shifting” to online services, Morgenstern said in an interview. “All that brought a lot of changes and challenges.”
Tel Aviv’s bourse saw a boom in listings last year following a series of reforms from the exchange and regulators to entice more companies to the market. The Glassbox IPO will be the fourth company to start trading in Tel Aviv this year, according to data compiled by Bloomberg. The company also said it may eventually list in New York in the next few years.
Founded in 2010, Glassbox’s previous backers include Ibex Investors, Brighton Park Capital and Updata Partners.