Similarweb, which provides website traffic solutions to enterprises through AI-driven data analytics, filed on Thursday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO we estimate could raise $200 million.
Similarweb provides digital intelligence that allows customers to identify trends, competition, and business opportunities. The company tracks and analyzes billions of digital interactions each day from millions of websites and apps that it turns into actionable insights. The company's customers include marketers, strategy teams, salespeople, analysts, and investors. As of December 31, 2020, Similarweb had 2,718 paying customers, including 9 of the top 10 technology organizations, 7 of the top 10 financial services organizations, 5 of the top 10 retail organizations, 6 of the top 10 household products organizations, and 4 of the 7 apparel organizations in the Fortune 500.
The Tel Aviv, Israel-based company was founded in 2009 and booked $93 million in sales for the 12 months ended December 31, 2020. It plans to list on the NYSE under the symbol SMWB. It had been on our Private Company Watchlist since February 2021. J.P. Morgan, Citi, Barclays and Jefferies are the joint bookrunners on the deal. No pricing terms were disclosed.
