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Software Firm Monday.com Is Working With Goldman on IPO

Software Firm Monday.com Is Working With Goldman on IPO

Software provider Monday.com is working with Goldman Sachs Group Inc. on a U.S. initial public offering, according to people familiar with the matter.

The company has filed confidentially with the U.S. Securities and Exchange Commission for a listing that could come as soon as this quarter, said one of the people, who asked not to be identified because the matter is private.

Monday.com’s plans aren’t final and the timing and details of its potential listing could change, the people said.

Representatives for Monday.com and Goldman Sachs declined to comment.

The startup, which was founded in 2014 in Israel, makes software to help employees work remotely. It was valued at $2.7 billion last year, Bloomberg News previously reported. That was up from the $1.9 billion value it had in a funding round in 2019, according to data provider PitchBook.

With the rise of the work-from-home trend during the coronavirus pandemic, demand for the company’s products surged. Monday.com co-founder and Chief Executive Officer Roy Mann said in an interview last May that the company had accelerated plans to double its workforce to 720 employees.

Monday.com, with offices in Tel Aviv and New York, has raised $234.1 million from investors such as Hamilton Lane Inc., Sapphire Ventures and Entrée Capital.

It’s one of the many technology companies with roots in Israel looking to test the U.S. public market. Another software company that started in Israel, Riskified Ltd., is preparing for a U.S. IPO this year, Bloomberg News reported on Thursday.

New listings for enterprise software firms, which make most of their money selling their products to other companies, have been done well in the market. Automation software maker UiPath Inc. has risen 24% from its IPO price last month.

©2021 Bloomberg L.P.