It’s official! WalkMe held its initial public offering today, Wednesday, on the NASDAQ. All seems to have gone according to plan as WalkMe has achieved a $2.6 billion valuation. The Israeli startup WalkMe is a provider of website navigation and digital adoption solutions.
WalkMe raised $286 million at a share price of $31. This price is on the high end of the expected $29 to $32 range previously announced. The company had expected to raise anywhere from $268 million and $296 million from the IPO, so the $286 million figure is a clear success.
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Morgan Stanley, Goldman Sachs & Co. LLC and Citigroup were the lead book-running managers for the proposed offering.
Israel has now had four billion dollar plus IPOS in New York so far this year. The most recent one was in May. Israeli fintech startup Global-e Online Ltd held a successful IPO on the NASDAQ last month coming away with a $3.55 billion valuation. In January Playtika, an Israeli mobile gaming company, broke records as well as the bank with an $11 billion NASDAQ IPO. It raised $1.9 billion from the IPO.
And these recent successes come as a relief after Kaltura had to postpone its own planned NASDAQ IPO back in April due to low demand. A month later Kaltura announced plans to try again at what is believed to be a lower initial price offering.
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.”