Big data analytics co Glassbox raises $100m in TASE IPO

Yaron Morgenstern Photo: Glassbox

The Israeli company's customers include four out of ten of the world’s largest banks, the world’s largest hotel chain, and some of the world’s largest retail, travel, and healthcare providers.

Israeli big data web and mobile app analytics company Glassbox has announced the successful completion of its initial public offering (IPO) on the Tel Aviv Stock Exchange (TASE). The company raised $100 million at a valuation of nearly $500 million. The IPO was led by the underwriting company of Poalim IBI. Glassbox provides businesses with big-data behavioral solutions and content analytics solutions for web and mobile apps. The company's platform is designed to capture, record, analyze, and replay digital sessions with customers. International customers include Citibank, Wells Fargo, Verizon and Expedia.

Glassbox already supports over one trillion web and mobile customer journeys annually for the world’s best known brands across numerous industries, including four out of ten of the world’s largest banks (by market cap), the world’s largest hotel chain, and some of the world’s largest retail, travel, and healthcare providers. With the new funding, Glassbox will expand its global presence and reach - both organically and through acquisitions - beyond its current customer base, while continuing to hire new staff and invest in continued technology innovation for its SaaS (software-as-a-service) platform.

Glassbox CEO Yaron Morgenstern said, "This is a significant milestone for Glassbox that represents our commitment to growth in the near term and provides the resources to fuel innovation towards our unique AI-driven vision for Experience Intelligence. I’m incredibly proud of the accomplishments and success of our diverse global team and am energized by the opportunity to continue fulfilling our mission of helping global enterprises deliver frictionless digital journeys to their customers." The company was founded in 2010 by Yaron Gueta, Hanan Blumstein and Yoav Schreiber, who all hold senior executive positions with the company while Yaron Morgenstern, a former senior executive with NICE Systems, has served as CEO since 2015. The company has 260 employees.

Glassbox chairman Brian Abrams said, "This IPO funding will allow Glassbox to maintain its impressive momentum as a high growth SaaS company in a rapidly evolving digital market. Not only could Glassbox become a leading player in its space, this IPO could also trailblaze an exciting new path for Israeli companies on their way to NASDAQ." Glassbox had $31 million revenue in 2020, up 40% from 2019, and a net loss of $14 million, similar to the previous year. In late 2020, Glassbox acquired UK rival SessionCam for $20 million.

Published by Globes, Israel business news - en.globes.co.il - on June 10, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Yaron Morgenstern Photo: Glassbox
Yaron Morgenstern Photo: Glassbox
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