Israeli digital adoption software-as-a-service company WalkMe made a weak debut on the Nasdaq stock exchange with its shares falling below the initial public offering price.
Shares of WalkMe fell 7.06% to close at $28.81 apiece on Wednesday, stock-exchange data show. The company is now valued around $2.38 billion versus the $2.6 billion valuation it sought by pricing the IPO at $31 per share.
This is still above the $1.9 billion valuation the company commanded when it last raised funding in 2019.
WalkMe raised $287 million via the IPO. This will go up by $43 million if the underwriters fully exercise their options.
The company will use the money to meet working capital expenses, acquire new businesses, operational and capital costs and for general business needs.
WalkMe was founded in 2011 by chief executive officer Dan Adika, president Rephael Sweary and Eyal Cohen, who is no longer with the company. It is backed by venture capital firm Insight Partners, among other investors.
Morgan Stanley, Goldman Sachs and Citigroup are acting as lead book-running managers for the offering. Wells Fargo Securities, Barclays and BMO Capital Markets are acting as joint book-runners and JMP Securities, KeyBanc Capital Markets and Needham & Company are acting as co-managers for the offering.
Israeli tech company BLEND has acquired Atlanta-based GM Voices Inc, the voice company known best for recording Apple’s voice assistant ‘Siri.’ It didn’t disclose any financial details of the transaction.
This is BLEND’s first buy since it raised $10 million as part of a Series B funding round in March this year from existing investor Fortissimo Capital.
BLEND, earlier known as OneHourTranslation, was founded in 2008 and has over 120 employees, 25,000 linguistic experts and eight offices across the world.
GM Voices is known for professionally recorded voice, audio localization, and voice branding solutions.
BLEND said the acquisition is part of its strategy to offer enterprise-grade, technology-based localization services.