Italian Tech Startup MotorK Considers Amsterdam IPO
(Bloomberg) -- MotorK, an Italian automotive sales technology startup, is considering an initial public offering that could raise about 150 million euros ($182 million), people with knowledge of the matter said.
The company is working with Berenberg and ABN Amro NV as it studies a potential listing in Amsterdam as soon as the second half of this year, according to the people. It could seek a valuation of as much as 600 million euros from the share sale, the people said, asking not to be identified because the information is private.
Any deal would add to the $13.5 billion raised by IPOs of technology companies in Europe this year, according to data compiled by Bloomberg. Milan-based MotorK could use proceeds from the listing to invest in future growth and for potential acquisitions, the people said.
Details of the potential offering could change, the people said. MotorK said in a statement the company is considering a number of strategic alternatives to accelerate its growth, including an IPO. There’s no certainty it will proceed with any of these alternatives, according to MotorK.
A spokesperson for Berenberg declined to comment, while a representative for ABN Amro didn’t immediately respond to emailed queries.
MotorK has developed a web platform that can be used by car dealerships to showcase their offerings, automate marketing campaigns, manage inventory and analyze customer data. Its investors include 83North, the former international arm of Greylock Partners, as well as Zobito.
MotorK announced this week it appointed veteran executive Andrea Servo as its chief financial officer. Servo was previously CFO of publicly-traded digital advertising company Seat Pagine Gialle SpA before its merger with Italiaonline SpA. He most recently served in the same role at DentalPro, a dental services provider backed by BC Partners, where he oversaw several acquisitions including the purchase of Vitaldent Italia.
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