Israeli labor management firm monday.com publicly files US IPO
May 17 (Reuters) – Israel’s labor management firm monday.com Ltd released plans to list its shares in the United States on Monday, joining a host of tech-focused companies looking to tap a market booming for new registrations.
The company, which counts venture capital firm Sapphire Ventures and investment management firm Hamilton Lane among its backers, was last valued at $ 2.7 billion after a funding round, has Bloomberg News reported in May of last year. (https://bloom.bg/3hxgWNY)
Tel Aviv-based Monday.com is a centralized hub for all work processes, from project management and task tracking, sales projection and event coordination. It was launched in 2014 and is headed by co-CEOs Roy Mann and Eran Zinman.
The company’s revenue rose 85% to $ 59 million in the three months ended March 31, according to its file. The net loss, however, widened to $ 39 million from $ 19.9 million during the same period.
The company had previously confidentially submitted documents for its IPO, Bloomberg News reported earlier this month. (https://bloom.bg/3olMQOw)
Global-e Online Ltd (GLBE.O), an Israeli cross-border e-commerce platform provider, debuted on the Nasdaq last week, closing 7% above its IPO price on Friday. Read more
Goldman Sachs, JP Morgan, Allen & Co and Jefferies are among the underwriters of monday.com’s IPO. It will be listed on the Nasdaq under the symbol “MNDY”.
Report by Niket Nishant in Bangalore; Editing by Anil D’Silva
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