File-sharing platform WeTransfer announced on Wednesday that the company is aiming to go public. Owner WeRock NV wants to list the shares on the Amsterdam Euronext stock exchange. This involves a total volume of around 160 million euros.
WeTransfer plans to sell new shares worth around 160 million euros. According to the Reuters news agency, the shares of the previous investors are also to be sold in a double IPO.
WeTransfer is managed by the Dutch company WeRock NV. With the help of the File Sharing Service, users can send large amounts of data via the Internet.
About 87 million users use the platform monthly. According to CEO Gordon Willoughby, WeRock NV expects sales of over 100 million euros for the year 2021. The company expects annual sales growth of 20 percent.
Double IPO at WeTransfer
In addition to selling new shares, current investors Highland Europe Technology and HPE Institutional Fund plan to sell their existing shares. To what extent this is to be done, however, is not yet known.
The investment companies Morgan Stanley and Bofa Securities are to coordinate the IPO. ABN Amor and Barclays Bank will act as bookrunners.
The future is promising
According to media reports, the market in the file sharing sector will experience immense growth by 2030.
Studies by the data analysis company HTF MI have shown that WeTransfer is one of the largest competitors in the market alongside competitors such as Dropbox, Open Drive and SecureDocs.
WeTransfer: More than just a file sharing platform
WeTransfer was founded in Amsterdam in 2009 by Rinne Visier, Bas Beerens and Ronald Hans. At the beginning, the platform only offered the possibility of sending larger data via the Internet.
Over the years, the service continued to evolve and added new products to its offering. Among other things, users can use creative apps to draw drafts or create presentations, for example.
Platforms such as “Collect” give users the opportunity to store data of any kind and organize it into “mood boards” for their purposes.
WeTransfer is known worldwide
WeTransfer is used by about 87 million users in 190 countries. The company employs over 300 people and has been recognized as a B Corporation company since June 2020. For the year 2020, the company announced a turnover of 65 million euros.
With the proceeds of the IPO, WeRock NV intends to invest in various areas, such as marketing, its employees as well as service and software development. The IPO is therefore to take place before the end of this year. We Rock NV also plans to rename itself The Creative Productivity Group immediately before approval.