Israel-founded Company Trax Raising Capital at $1.1 Billion, Sees IPO Coming Next

Retail-tech startup headed for 'unicorn' status as it looks toward going public

TraxCredit: No credit

Trax, a Singapore company founded by Israelis whose technology is used by consumer goods makers to keep tabs on their store sales, is on its way to becoming a unicorn startup with a valuation of more than $1 billion.

Bloomberg News reported on Monday that the company, which was founded by Israelis Joel Bar-El and Dror Feldheim, is set to complete a $100 million fundraising round by the end of June at a company valuation of $1.1 billion before the money. Bar-El said Trax was planning to conduct an initial public offering sometime in the next 18 to 24 months.

Founders Joel Bar-El and Dror Feldheim, June 2016.

“We are having a discussion with SGX for a potential dual listing,” Bar-El said, referring to the Singapore Stock Exchange. “New York, for sure, we are going eventually. Now we have grown to a substantial size, both in terms of revenues, the number of people and global spread, we feel that the company is ready for an IPO.”

The $100 million round will be used to finance acquisitions. Trax recently signed a deal to buy LenzTech, a Chinese computer vision service provider, for an undisclosed amount and is in advanced talks to buy unnamed U.S. companies, Bar-El said.

Trax raised $125 million last year in a round led by Chinese private equity firm Boyu Capital at an $800 million company valuation, bringing total financing since it was formed in 2010 to $260 million. The company’s 350 employees include 150 at its Israeli research and development center.

In related news, the U.S. private equity fund Francisco Partners is buying control of the Israeli-American startup LiveU at a reported company valuation of $200 million, LiveU said on Tuesday. Francisco is being joined in the acquisition by the Israel Growth Partners fund, which will for now hold a minority stake.

Founded in 2007, LiveU provides live video streaming for television, mobile, online and social media. It counts some 3,000 customers, including the BBC, CNN, Fox News and The New York Times.

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