Published On: Tue, Jun 8th, 2021

Israel’s WalkMe Looks to $2.5 Billion IPO

WalkMe could bring in up to $340 million.

The Israeli startup WalkMe, a provider of website navigation and digital adoption solutions, launched its initial public offering, IPO. WalkMe is offering 9.25 million of its ordinary shares. The IPO price is expected to be between $29 and $32 per share. WalkMe expects to raise anywhere from $268 million and $296 million, but this figure could go up to as much as $340 million, if the underwriters exercise their options within 30 days.

WalkMe has applied to list its ordinary shares on the Nasdaq Global Select Market under the ticker symbol “WKME.”

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.

The underwriters will have a 30-day option to purchase up to an additional 1,387,500 ordinary shares at the initial public offering price, less underwriting discounts and commissions. The initial public offering

The company recorded revenue of $157 million between the end of March 2020 and the end of March 2021.

Founded in 2011 by CEO Dan Adika and company president Rafael Sweary as a guidance and navigation tool, WalkMe declares its mission is to make digital adoption for employees and customers simple, while increasing enterprise productivity. Its Digital Adoption Platform (DAP) began as a platform-agnostic guidance system to simplify user experience. But, explains WalkMe, due to the needs of their customers, they have since developed new ways to identify and engage users across platforms and devices.

WalkMe states that its cloud-based Digital Adoption Platform enables organizations to “measure, drive and act to ultimately accelerate their digital transformations and better realize the value of their software investments.” Its code-free platform leverages a proprietary technology to provide visibility to an organization’s Chief Information Officer and business leaders, “while improving user experience, productivity and efficiency for employees and customers. Alongside walkthroughs and third-party integration capabilities, our platform can be customized to fit an organization’s needs.”

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