The company is negotiating with several private equity funds and is expected to close the deal by the end of June, according to CEO and co-founder Joel Bar-El, who said that in an interview Monday.
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Trax is preparing for a public offering in 18 to 24 months “We are discussing a dual issue with the Singapore Stock Exchange,” Bar-El said, adding that the company will make a major offering in Singapore and then in New York. “Now that we have grown to a significant size both in terms of revenue and number of employees. Bar-El added that the disappointment from Uber’s first trading day did not raise doubts about the issue of Trax.
According to the report, the new round is expected to be used to acquire three companies. One of them is LenzTech, a direct competitor that develops computer vision technology for stores. Trax is expected to integrate Lanzetek’s 110 employees at the company’s offices in China. Trax is also considering acquiring two additional competitors, from Europe and the United States.
Founded by Joel Bar-El and Dror Feldheim, the company’s chief commercial manager in 2010, Trax has raised $260 million – excluding the expected round. In July 2018, Trax raised a $125 million fifth round at a company value of $800 million. The round was led by the Chinese investment fund Boyu Capital along with the British media organization DC Thomson.
Trax improves physical retail stores by analyzing and processing images collected from vendors’ devices, such as smartphones and tablets. The information is processed in the cloud to retailers and food brands. Trax’s technology identifies products and their locations and creates a snapshot of their situation in the store.
The Company provides various data – including the existing inventory of products, deficiencies, and the validity of the products, among others.
Based in Singapore and has R&D in Israel, Trax employs 350 people, of which 150 are in Israel.