MotorK Seeks € 150 Million IPO to Boost Dealer Digital Services
Automotive sales and tech firm MotorK plans to raise 150 million euros (£ 127 million) with an initial public offering (IPO) of shares on the Dutch stock exchange, Euronext Amsterdam, before year-end .
The company, which provides a software platform for car dealerships to help them manage their sales and marketing activities, said it would use the proceeds to invest in new product development and to gain market share through to acquisitions.
MotorK has more than 250 employees in seven countries across Europe and Israel. Its key product, a software as a service (SaaS) platform called SparK, is used by more than 660 dealer groups and 13 equipment manufacturers.
Marco Marlia, CEO and co-founder of the company, said: “We are delighted to announce our planned IPO, which we believe will open huge opportunities for our company, our customers, our partners and our employees. . As a technology company with the automotive industry in our DNA, we have worked tirelessly to build a market-leading platform and a successful growth strategy that combines organic growth and strategic acquisitions.
“We think this is just the start of our journey and the trail ahead of us is wide. We are positioned to accelerate our growth and believe that now is the time to pursue an IPO, which will help provide the necessary resources to invest in our platform and our team and support our goal of accelerating the evolution of automobile industry. “
MotorK also offers ancillary services such as online marketing, training and setup services. Part of this service is currently in transition to be part of the SparK platform as a recurring SaaS advertising module called “AdSparK”. AdSpark is expected to be part of SparK in the first half of 2022.
In 2020, MotorK customers managed 1.4 million vehicles through MotorK’s solutions and had over 50 million unique users, considering the sum of unique users on each dealership’s website with active users. In addition, during the second quarter of 2021, more than 145,000 cars were sold by dealers using the platform’s CRM module.
The IPO is expected to take place before the end of 2021, subject to market conditions and receipt of the necessary authorizations from Euronext Amsterdam and the Dutch Securities and Markets Authority.
MotorK appointed Andrea Servo as Global Chief Financial Officer (CFO) in June of this year.