In a statement, WeTransfer CEO Gordon Willoughby said he remains committed to executing the strategy and continuing the company's growth trajectory. The company has 87 million users and 387,000 subscribers. There is a free version of the company’s file transfer service that includes advertising, and premium versions offered at a monthly price. The company mainly focuses on the creative sector, offering other services, like its online notepad Paper, digital scrapbook Collect, and Paste, a tool to create presentations. With the money raised during an IPO, WeTransfer planned to grow further, with acquisitions one of its intended strategies. It was aiming for a market value of up to 716 million euros. The company owns the digital file transfer service of the same name. WeTransfer announced earlier this month that it wanted to list shares on the Amsterdam exchange. Tech stocks in particular were hit hard as a result. Share prices have fallen sharply recently due to investor concerns about potentially rapid interest rate increases in the United States meant to combat high inflation. Europe’s tech sector sank about 1.6% in Thursday’s trading session as investors reacted to the news.Tech company WeTransfer announced it canceled its IPO in Amsterdam set for Friday due to the market volatility on the stock exchanges. On Wednesday, the Fed signaled it would make its first rate hike in more than three years at its upcoming March meeting. But some investors worry the boom times could come to a halt as central banks start to hike interest rates, tightening liquidity. The region now has more billion-dollar unicorn start-ups than ever and is home to some of the world’s most valuable private tech companies, such as Klarna, and Revolut. It could be a sign of things to come for Europe’s tech sector, which attracted a record $121 billion in venture capital funding last year, according to data from Atomico. That’s led to a rout in major tech shares, with the Nasdaq Composite down over 14% so far this year. The Federal Reserve and Bank of England have both signaled they plan to tighten policy in response to sky-high inflation. File-sharing platform WeTransfer plans to seek a valuation of about 1 billion euros (1.2 billion) from a proposed initial public offering later this year, people familiar with the matter said. Investors have soured on tech stocks recently amid jitters over the path for central banks’ monetary policies. The WeTransfer website on a smartphone arranged in the Brooklyn borough of New York, U.S., on Wednesday, June 2, 2021. WeTransfer offers a way to send files around the world through its platform. While Deliveroo’s IPO performed poorly, ranking among the worst debuts ever in the London market, both firms achieved multibillion-dollar valuations. The WeTransfer logo on a smartphone. This years list of the best 100 Amsterdam tech startups is an eclectic mix. food delivery firm Deliveroo and money transfer business Wise. Last year saw floats from the likes of U.K. The company’s decision to call off its IPO suggests businesses - especially in a high-growth sector like tech - are getting more nervous about listing. While not the biggest tech IPO in Europe lately, WeTransfer’s public offering would have been among the first major debuts in the region in 2022. At the upper range, WeTransfer would have scored a valuation of 716 million euros - over $800 million in dollar terms. Shares were priced at between 17.5-20.5 euros. WeTransfer had planned to raise 125 million euros ($140 million) in its debut. It makes money through advertising and paid subscriptions. “I would like to thank our users, partners, the WeTransfer team and our shareholders for their continued support.”įounded in 2009, Amsterdam-based WeTransfer develops cloud-based software that allows users to send large files over the internet.
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