SimilarWeb, the Israeli digital market intelligence company, announced the closing of its initial public offering (IPO) on Friday. The company began trading on the New York Stock Exchange (NYSE) last Wednesday under the ticker symbol “SMWB” at a valuation of $1.6 billion.
The company offered 7.5 million ordinary shares and the selling shareholder offered 500,000 shares at $22 apiece.
Founded in 2007 by Or Offer and Nir Cohen, SimilarWeb monitors web and mobile app traffic and provides analytics and digital insights. Its platform is used by businesses, enterprises, marketing professionals, and analysts. The company is headquartered in New York, with offices in Israel, the UK, France, Japan, and most recently Australia. It employs roughly 600 people across the world.
In October 2020, SimilarWeb raised $120 million in an investment round co-led by ION Crossover Partners and Viola Growth. The deal included both primary and secondary components and brought the company’s total funding to $240 million.
“For me personally, seeing SimilarWeb grow over the past 14 years from a small startup in my rental student apartment to a global company of 800 employees has been a life-changing experience. What excites me the most about our journey is that we ended up building something that really makes an impact. We help companies win in the most important market for them–the entire digital world,” wrote Offer in a blog post on the company’s website.