Quicklizard goes public as part of major new expansion plans
ISRAEL – Quicklizard, a platform that enables retailers to monitor, calculate and apply optimal prices based on real-time market trends, has today announced it will list on the Tel Aviv Stock Exchange (TASE) from Monday 22nd February. The company, which is currently valued at $45 million is hoping to raise a further $13.8 million to help fuel growth across Europe and enhance research and development into AI-powered dynamic pricing. Quicklizard is an omnichannel retail technology company that puts rule-based, AI-powered dynamic pricing in the hands of businesses all over the world.
This latest addition to the stock exchange has reinforced Quicklizard’s ambitions to work with an increasing number of global brands as supply and demand fluctuates due to COVID-19. Dynamic pricing is about putting a cost on a product based on current market conditions. The Israeli-born technology company which employs over 50 people across Denmark, Germany, France, the UK, Norway, Italy and the US provides dynamic pricing solutions to retailers across electronics, grocery, fashion, healthcare and travel. Quicklizard’s IPO comes as the company grows 75% year-on-year, with a gross margin of above 70%.
According to research from G2, searches for pricing software increased by 75% as COVID-19 first took hold across the globe. This figure demonstrates the need for dynamic pricing solutions for companies whereby setting the right price is critical to survival. In addition to this, a study from Bain & Company carried out pre-pandemic, revealed that 85% of retailers believed they had significant room for improvement in pricing. Costing software is already employed by technology giants including Amazon, Uber and Airbnb which provides consumers with optimal pricing while increasing margins and revenues for retailers.
Quicklizard has developed a dynamic pricing solution that can be easily implemented by any retailer to replace more traditional, time-consuming and often inaccurate pricing processes that still rely on Excel sheets. The platform helps retailers automate and set prices for hundreds of thousands of products within their inventory, regardless of whether the business is based online, in a brick-and-mortar store or both. In the long-term, Quicklizard plans to use funding from the IPO to expand its existing market share in Europe and the US, while growing its international sales teams.
Quicklizard CEO and Co-Founder Pini Mandel believes the move to seek an IPO at a relatively early stage in the company’s journey will offer transparency and trust to some of the big-name companies that Quicklizard is working with.
Speaking about their decision to pursue an IPO at an early stage, Quicklizard CEO and Co-founder Pini Mandel commented:
“We do not believe that dynamic pricing is a trend. We are certain that it is here to stay and will soon be a part of the everyday shopping experience. We want to make sure our strategy is as transparent as possible to our customers. This is why we are seeking an IPO at this point in the business.
We have previously raised venture capital funding for Quicklizard, but we know that it is not the only way to consolidate and scale a successful technology business. This IPO is a demonstration of our confidence in the future of Quicklizard. As a company that can determine something as crucial to a business as pricing, we want to ensure that our customers can share the confidence we have in Quicklizard. Going public is the perfect way to do that.”