Italian tech startup MotorK eyes $175 mln Amsterdam IPO

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Amsterdam, Oct 14 (Businesshala) – Italian software company Motorke said on Thursday that it aims to raise 150 million euros ($175 million) with an initial public offering (IPO) of shares on the Amsterdam Stock Exchange before the end of this year. Is.

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MotorK provides a software platform to help car dealers manage sales and marketing activities. It said it would use the proceeds to invest in the development of new products and gain market share through acquisitions.

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With more than 250 employees spread across seven countries across Europe and Israel, the company said its platform was used by more than 660 dealer groups and 13 equipment manufacturers.

Without giving further financial details, MotorK said its revenue grew 46% between 2016 and 2020, while earnings before interest, taxes, depreciation and amortization (EBITDA) were “positive” in the first six months of 2021 .

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Earlier this week, Dutch online store Coolblue postponed its Amsterdam IPO, originally planned for later this month, citing uncertain market conditions. ($1 = 0.8622 euros) (Reporting by Bart Meijer; Editing by Edmund Blair)

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