MotorK, an Italy-based automotive marketing software developer backed by Real Web, the owner of real estate marketplace Immobiliare, has announced its plan to file for an initial public offering (IPO) on the Euronext Amsterdam market.
The company expects to raise gross proceeds of about €150m ($174m) from the IPO. Berenberg Bank is sole global coordinator for the offering and, together with ABN Amro Bank, joint bookrunner.
Founded in 2010, MotorK offers cloud-based software for the automotive retail industry. Its platform, called Spark, helps car retailers manage and optimise their digital presence, sale and marketing activities and vehicle stock and inventory.
The company plans to use the proceeds from the offering to strengthen its existing product suite and accelerate the development of new products, while investing in sales and marketing and expanding its current customer base.
MotorK also intends to allocate about 60% of the proceeds to its merger and acquisition strategy, with the aim of consolidating its position, increasing its market share and expanding into new territories.
The company raised $12m in equity and debt financing from a consortium of investors led by Real Web in October 2020. Bank Illimity was the sole provider of the debt facility, while venture capital firms 83North and Zobito helped supply the equity portion.
European Investment Bank provided the company with a $35m loan in 2018. It had previously raised $10m in a series A round co-led by 83North and Zobito the previous year.