Or Offer to step down as Similarweb CEO after 20 years
Board launches formal succession process after nearly two decades under its founder.
Similarweb has begun a formal search for a new CEO, marking the start of a planned leadership transition as founder Or Offer prepares to step down after nearly two decades at the helm.
The company said its board has initiated a structured succession process and expects the transition to be completed by mid-2027. Offer, who founded Similarweb in 2007, will remain CEO through the search and transition period and continue working closely with the board and his successor.
“Similarweb has been my life’s work,” Offer said, adding that the company is “performing strongly” and that he believes it is “the right moment” to begin planning the next chapter.
The leadership change comes at a time when Similarweb is attempting to position itself as an “AI-driven data powerhouse,” while navigating a period of slower growth and a sharp reset in market valuation.
The company currently has a market value of about $270 million, down roughly 56% this year and significantly below its $1.6 billion valuation at the time of its 2021 public listing.
Despite the valuation decline, Similarweb reported steady operational progress in its latest quarterly results. Revenue rose 10% year over year to $73.9 million, while non-GAAP operating profit reached $2.4 million, compared with a loss in the same quarter last year.
The company also highlighted improving efficiency metrics, including a 12% increase in customers with annual recurring revenue above $100,000 and growth in long-term subscription contracts, which now represent 64% of ARR.
Remaining performance obligations rose 18% year over year to $297.7 million, signaling a growing backlog of contracted revenue. The company also pointed to continued expansion in larger enterprise customers, which now account for the majority of its high-value ARR base.
Offer, speaking alongside the earnings release, said commercial demand tied to artificial intelligence was becoming increasingly important to the company’s strategy.
“Commercial interest in our AI-related data and solutions continues to expand,” he said, describing a growing pipeline that supports the company’s ambition to build AI-driven analytics products.
