Home Nike items Auto company SaaS MotorK prepares for $ 173 million IPO

Auto company SaaS MotorK prepares for $ 173 million IPO

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EngineK, an Italian Software-as-a-Service (SaaS) company serving car dealerships, is preparing to go public with an initial public offering (IPO) that could value the company at 150 million euros (173 million euros). of dollars).

The company announced this week that the IPO is expected to take place before the end of the year, with MotorK listing on Euronext Amsterdam.

Marco Marlia, co-founder and CEO of MotorK, says the IPO “will open massive opportunities” for his company, partners and customers.

“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,” he said. declared. “We believe this is just the start of our journey and the trail ahead of us is wide.”

Founded in 2010, MotorK offers a cloud-based SaaS platform called “SparK”, which includes a suite of products designed to support “the entire vehicle lifecycle and the entire customer journey”.

In its IPO announcement, the company says the market for automotive distribution software is large, underserved and promising.

MotorK says it will use the proceeds of the offering to fund research and development spending, expand its sales team, reserving most of the money – around 60% – for mergers and acquisitions to expand its presence on the market.

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