Israeli company Kaltura, the developer of an open-source video platform that enhances websites with customized video and additional functionalities, will begin trading on the Nasdaq Global Select Market on Wednesday with plans to raise $150 million at an estimated market capitalization of $1.3 billion
Kaltura announced the pricing of its initial public offering of 15,000,000 shares of its common stock at a price to the public of $10.00 per share.
The shares will begin trading under the symbol “KLTR” and the offering is expected to close on July 23, 2021, subject to customary closing conditions.
Kaltura has also granted the underwriters a 30-day option to purchase up to an additional 2,250,000 shares of common stock at the initial public offering price.
The company was founded in 2006 by Shay David, Ron Yekutiel, Eran Etam, and Dr. Michal Tsur. Its Video Experience Cloud platform powers live, real-time, and on-demand video experiences through of video products for enterprises of all industries (including video portals, town halls, virtual events, and webinars); industry-specific video solutions, currently for educational institutions and for media and telecom companies; and a broad set of video development tools for tech companies.
Today, it works with over 1,000 customers including numerous US Fortune 100 companies, top universities, leading media and telecom companies like Vodafone, and top technology companies like Oracle.
Kaltura says its 2020 revenue was approximately $120 million with revenue growth steadily accelerating, achieving 46 percent YoY growth in the first quarter of 2021.
The company says its estimated total addressable market is $55 billion.
Kaltura is based in New York with offices in Ramat Gan, London, San Francisco, and Singapore.