The startup is the latest in a list of Israeli startups looking at U.S. backed IPOs.
SimilarWeb would join an ever-growing list of Israeli companies targeting a Nasdaq IPO in 2021, according to industry watchdog Calcalist. The anonymous report said that SimilarWeb aims to go public in the second quarter of next year. In addition, the source said that the proposed valuation will be at $2 billion.
With the Nasdaq move, SimilarWeb joins a growing list of Israeli firms pushing for a U.S. IPO in the coming months, These include eToro, ironSource, Monday.com, OrCam, Payoneer, REE, Taboola, and Outbrain.
Using ML to profile customer behaviour in real time
Israeli entrepreneur Or Offer founded SimilarWeb in 2007. Since then, the company has become a player in the area of predicting customer behavior in the digital era. Global brands use its tools to analyze customer behavior and compare it to its competitors, the company claims.
The company’s technology gathers information from hundreds of sources and uses them in advanced machine learning algorithms. These algorithms provide customers with a complete picture of digital activity in real-time.
SimilarWeb says that more than half of Fortune 100 companies rely on these tools to gain digital insights.
SimilarWeb faces competition from other providers seeking listings this year
Assuming the reports of the IPO are true, SimilarWeb would not be the first analytics provider to start preparations for a 2021 listing.
SAP SE’s Qualtrics unit has also filed paperwork to go public on the Nasdaq. Qualtrics provides software that enables companies to collect and analyze data on customer sentiment, plans to go public. The company will have a valuation of up to $14.4 billion.
Microsoft-Backed Databricks also plans an IPO in 2021, according to Bloomberg. The company’s Unified Data Analytics Platform helps customers build information pipelines across siloed storage systems. Their current valuation is $6.2 billion.