aiming for $5.8b valuation in Nasdaq IPO

Roy Man and Eran Zinman / Photo: Shlomi Yosef PR

Salesforce and Zoom have committed to buy $75 million of shares each, as part of the Israeli work operating system company's flotation.

Israeli work operating system company published a revised prospectus today for its Nasdaq IPO, in which it reveals for the first time the valuation it is targeting. is seeking to raise $463-518 million, which could grow by a further $46-52 million, if the underwriters take up their options. The anticipated price range for the shares is $125-140 per share, which at the midpoint of $132.50 would give a valuation of $5.8 billion.

The revised prospectus reveals that Salesforce and Zoom have signed agreements to buy shares worth $75 million each as part of a private offering at the price set in the public offering.

Roy Mann and Eran Zinman are the founders of the company and its joint CEOs. has developed a work operating system (Work OS), where organizations of any size can create the tools and processes they need to manage every aspect of their work.

In's last financing round in 2019, the company raised money at a valuation of $1.9 billion, while last year shareholders sold shares at a valuation of $2.7 billion, so that the company has more than doubled its valuation over the past year. says that the capital raised will be used for general business purposes including advertising and marketing its product, technological development, operations and capital expenses and possibly acquisitions. According to IVC, the company has raised $233 million, since it was founded.

The underwriters in the flotation are Goldman Sachs, JP Morgan, Allen & Company, Jefferies, William Blair, Piper Sandler, Oppenheimer, Canaccord, Cowen, and Needham.

In 2020,'s revenue grew to $161 million from $78.1 million in 2019, and it made an operating loss of $151 million. The company's net loss widened from $91.6 million in 2019 to $152 million last year.

Prominent shareholders in are Insight Partners (42.7%), Stripes (7.8%), and Avi Eyal's Sonnipe Ltd. (12.4%). Eyal, founder of Entrée Capital, also holds 1.9% of the shares privately. Avishai Avrahami, founder and CEO of Wix, holds 4% of the shares in and is a director of the company.

Published by Globes, Israel business news - - on June 1, 2021

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

Roy Man and Eran Zinman / Photo: Shlomi Yosef PR
Roy Man and Eran Zinman / Photo: Shlomi Yosef PR
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018