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/ By Ilan Shavit /
One of Israel’s most promising start-up, Wix Ltd., has submitted a draft registration with SEC for a possible public offering of its ordinary shares, to raise $75 million at a company value of $400 million.
The proposed offering is expected to begin after the SEC completes its review process, subject to market conditions, the company said on Tuesday. The company did not disclose financial details including sales and revenue, because the filling is confidential, and the date of the offering is not known. The SEC will have to review the documents before the company makes a final decision. JPMorgan Securities LLC will be the lead underwriter.
Wix, founded in 2006 by CEO Avishai Abrahami, his brother, Nadav, who serves as VP R&D, and CTO Giora Kaplan. The company has raised $66 million to date from Investors include Insight Venture Partners, DAG Ventures, Mangrove Capital Partners, Bessemer Venture Partners and Benchmark Capital.
The some year founded Conduit Ltd., Outbrain Ltd., and Kaltura Ltd. “Business Insider” ranked WIX in 65th of the world’s 100 most valuable private tech companies, alongside Twitter and Dropbox.
Wix’s success comes from the web technology that enables online users to customize websites regardless of technical skill, or previous knowledge. The business model is based on payments from users for its various services, such as add sale elements on websites and large storage space . Users can also choose among hundreds of website templates, with many features like colors, size, etc.
The result is one million new users each month. To this day, 28 million created 26 million websites. Wix’s revenue rose 60% to $40 million in 2012 from $25 million in 2009. It has 400 employees in Tel Aviv.