Glassbox CEO Yaron Morgenstern.

Glassbox to be taken private by Alicorn VC in $150 million deal

The software company went public at a $500 million valuation three years ago

Software company Glassbox, which went public on the Tel Aviv Stock Exchange at a $500 million valuation three years ago, announced on Sunday that it will be delisted after being sold to private company Alicorn Galaxy. Alicorn is a subsidiary of Alicorn Venture Capital Partners, one of the funds that invested in Glassbox at an early stage.
All Glassbox shares held by investors will be transferred to Alicorn for $150 million (the purchase price will be given in shekels), approximately NIS 550 million.
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ירון מורגנשטרן מנכ"ל  GlassBox כנס איקומרס
ירון מורגנשטרן מנכ"ל  GlassBox כנס איקומרס
Glassbox CEO Yaron Morgenstern.
(Photo: Adam Toth)
The value determined for Glassbox in the merger is 18% higher than its current value on the Tel Aviv Stock Exchange, where its market value today is NIS 460 million. This comes after Glassbox's share price jumped 100% in the last 12 months, compared to the Tel Aviv Growth Index, which rose by 20.8%.
Glassbox provides software-as-a-service (SaaS) solutions to analyze browsing data for customers on the internet and smartphones. This data is used by companies to optimize the user experience and increase sales.
Glassbox first went public in June 2021, raising NIS 312 million from institutional investors at a valuation of NIS 1.14 billion (before money). In other words, the merger is being conducted at a valuation more than 50% lower than its initial public offering value.
The chairman of the company is Brian Abrams, and the CEO is Yaron Morgenstern.
The execution of the merger and delisting of Glassbox was approved by the audit committee and the board of directors, but it still requires approval from the company's shareholders' meeting by a simple majority, as well as all necessary agreements and approvals from the authorities.