Driving safety technology company GreenRoad Insights has filed a draft prospectus for an offering on the Tel Aviv Stock Exchange at a valuation of NIS 500 million.
GreenRoad Insights has developed an active safety system for improving driver behavior, using technology for detecting safety incidents on the basis of a driving model that identifies complex driving situations of a wide range of severity. The system also gives the driver continuous safety-rating feedback, and immediate feedback on the type and severity of a driving incident. The company's solutions are adapted to the type of vehicle: car, motorcycle, truck or bus.
The company is controlled by private equity firm Israel Growth Partners (IGP), owned by Haim Shani and Moshe Lichtman. Another shareholder is Generation Investment Management, with a 13.3% stake.
GreenRoad Insights is active in 60 countries, and has 140 customers with vehicle fleets. In 2020, it had revenue totaling $12.6 million (NIS 41 million). At the time of the filing of the prospectus, the company had an orders backlog of $28 million. The company estimates that in the first half of 2021, its revenue grew by 16-20% in comparison with the first half of 2020.
GreenRoad Insights plans to use the proceeds of the share offering to finance growth and strengthen its capital structure. The offering is being led by Discount Capital Underwriting.
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