Monday.com plans to go public this week

SaaS News -Monday-com-plans-to-go-public-this-week (source: SaaS Industry)
Monday.com

At a Glance

Monday.com, a company that provides an enterprise development platform, aims to go public this week. Salesforce Ventures and Zoom Technologies have agreed to buy $150 million in Monday.com shares in a private placement for the offering. Monday.com, one of the pioneers of low-code technology, was founded to address the challenges in the custom application development sector.


Monday.com, a company that provides an enterprise development platform, aims to go public this week. Wall Street is likely to pay close attention to the deal. The business anticipates raising about $500 million at a price range of $125 to $140, valuing the firm at $6.8 billion.

Salesforce Ventures and Zoom Technologies have agreed to buy $150 million in Monday.com shares in a private placement for the offering.

Monday.com has been around since 2010. Wix.com (WIX), an Israeli company, used the program as an internal development tool at first. Monday.com was spun out a few years later and raised $1.5 million in cash.

The company has been highly efficient with its money since then. It has only used around $121 million of its fundraising rounds. 

About Monday.com

Monday.com, one of the pioneers of low-code technology, was founded to address the challenges in the custom application development sector. Some of the issues the companies face in this area are finding technical expertise, connecting with old systems, and being agile with development. And these are just a few of the challenges.  

What Low-code or no-code programming does is that it allows you to program with drag-and-drop and basic instructions. To put it another way, building apps do not need technical knowledge. Instead, this style of programming necessitates proficiency in process setup and testing.

As a result, Monday.com resembles a hybrid of custom programming and off-the-shelf software. A corporation may receive an excellent ROI (Return On Investment) faster and with less risk by using Monday.com’s technology.

Monday’s technology is built upon the Work OS. It has a built-in database and dynamic widgets for creating interactive dashboards and a variety of various components and connectors.

Monday.com has experienced tremendous growth. Revenues increased from $78.1 million to $161.1 million from 2019 to 2020. Year over year, revenues increased from $31.9 million to $59 million in the first quarter.

At the same time, as is the case with many early-stage internet firms, Monday.com has been losing money. Net losses for 2020 totaled $152.2 million.

Onwards

The addressable market for Monday.com is about $56 billion and is predicted to reach $87.6 billion by 2024.

The IPO is set to take place on Thursday, with the shares being listed on the NASDAQ. Goldman Sachs, J.P. Morgan, Allen & Company, and Jefferies are among the main underwriters.

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