WalkMe plans Nasdaq IPO at $2.5b valuation

Dan Adika WalkMe CEO Photo: PR

The Israeli company has developed an enterprise guidance and engagement platform that enables website owners and software developers to create interactive on-screen guidance.

Israeli digital adoption SaaS company WalkMe has filed a revised prospectus with the US Securities and Exchange Commission (SEC) for an IPO on Nasdaq, which reveals details of the planned offering.

WalkMe will sell shares at between $29 and $32, raising a total of between $268 million and $296 million, which could rise to between $308 million and $340 million, if the underwriters exercise their options within 30 days. Assuming the underwriters do exercise their options, then WalkMe's valuation after the IPO will be between $2.4 billion and $2.7 billion. WalkMe's last financing round in 2019 was completed at a valuation of $1.9 billion.

WalkMe has developed an enterprise guidance and engagement platform that enables website owners and software developers to create interactive on-screen guidance sequences to help users complete complex tasks.

WalkMe, which was founded in 2011 by CEO Dan Adika, president Rephael Sweary and Eyal Cohen, who has since left the company, has raised $308 million from investors including Insight Partners, Greenspring Associates, Vitruvian Partners, Scale Ventures, Mangrove, and Gemini.

In the first quarter of 2021, WalkMe's revenue grew 29.8% from the corresponding quarter of 2020 to $38.5 million, while net loss widened 9.2% to $13.4 million. 2020 revenue was $130 million, up 37.5% from 2019 and net loss was $45 million, compared with $50.1 million in 2019. WalkMe's customers include LinkedIn, CitiGroup, Chevron, and AstraZeneca.

Morgan Stanley, Goldman Sachs & Co. LLC and Citigroup will act as lead book-running managers for the proposed offering. Wells Fargo Securities, Barclays and BMO Capital Markets will act as joint bookrunners for the proposed offering. JMP Securities, KeyBanc Capital Markets and Needham & Company will act as co-managers for the proposed offering.

Published by Globes, Israel business news - en.globes.co.il - on June 8, 2021

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

Dan Adika WalkMe CEO Photo: PR
Dan Adika WalkMe CEO Photo: PR
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