Israeli code-free digital adoption platform (DAP) WalkMe launched its initial public offering (IPO) last week on the Nasdaq, raising $287 million at $31 per share and giving the firm a valuation of $2.5 billion. It is trading under the WKME symbol.
Founded in 2011 by Rafael Sweary, Dan Adika, and Eyal Cohen, WalkMe helps users navigate websites, apps, or softwares. Clients include LinkedIn, Adobe, PayPal among some 30 percent of Fortune 500 companies. The company’s last funding round was a Series G back in 2019.
WalkMe is based in California and has raised over $300 million to date. In October, it was listed as one of 12 Israeli-founded companies on Forbes’ Cloud 100 list.
The company’s stock price fell on its first day of trading, closing at $28.81, seven percent below its IPO price, according to Crunchbase News.
WalkMe is the 85th Israeli company to currently be traded on Nasdaq and NYSE. The software company’s initial public offering has brought the total valuation of those 85 Wall Street-traded Israeli companies to $300 billion, Israeli financial daily Calcalist reported last week. The publication cited data compiled by investment bank Oppenheimer Israel.
The figure represents a $100 billion surge in value since the start of 2021. Seventy-five billion dollars is the total value of new companies that have issued shares on Wall Street or have merged with special purpose acquisition companies (SPACS). The remaining $25 billion is a surge in value of preexisting Israeli stock on the US markets.
The 85 Israeli companies traded in New York have seen a 12 percent jump in value since the start of the year.