Trax Image Recognition, an Israeli startup and a unicorn that offers retailers a platform for getting the most out of consumers, is going public. According to a report in Calcalist, Trax is planning on a NASDAQ initial public offering IPO that could leave the company with as much as a $3.5 billion valuation.
This would mean an increase of about 50% in value from Trax’s most recent valuation of $2.4 billion.
Founded in 2010 by its Executive Chairman Joel Bar-El together and CCO Dror Feldheim, Trax’s says that its mission is to enable brands and retailers to harness the power of digital technologies to produce the “best shopping experiences imaginable.” Trax’s retail platform allows customers to understand “what is happening on shelf, in every store, all the time so they can focus on what they do best – delighting shoppers.”
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Trax boasts that with the company’s data and insights, customers gain granular, SKU-level visibility to changing store conditions.
“Our customers not only plan and execute their retail strategy better, but also engage better with shoppers. And each timely, data-driven decision and action lowers costs and accelerates revenue growth.”
Calcalist reports that that the American multinational law firm Latham & Watkins LLP is currently preparing Trax’s IPO prospectus with the plan to file it with the U.S. Securities and Exchange Commission in the coming weeks. Goldman Sachs was selected to lead the offering.
Trax has been looking to go public for some time now. Last April the company brought in $640 million $640 million in a Series E financing round led by SoftBank Vision Fund 2 and technology-focused funds managed by existing investor BlackRock.