Israeli digital intelligence company Cellebrite (Nasdaq: CLBT) was one of hundreds of companies that raised billions of dollars on Wall Street during the tech boom in 2021 through a SPAC merger.
Cellebrite was one of more than a dozen Israeli companies that completed a SPAC deal and until recently all of them were trading at valuations lower than the merger, with some having wiped off over 90% of their valuation. Last week, Cellebrite became the first Israeli company that had undergone a SPAC merger to trade in excess of its debut valuation. The company currently has a market cap of $2.3 billion.
Cellebrite completed its merger with TWC Tech Holdings II in August 2021, raising $370 million at a valuation of $1.9 billion. Before the money was raised, human rights organizations and academics sent an open letter to the SEC, asking them to prevent Cellebrite from becoming a publicly traded company because its products could violate human rights – something that Cellebrite denies.
Last week Cellebrite, managed by CEO Yossi Carmil, beat the analysts’ forecast for 2023 with 20% revenue growth to $325 million. Cellebrite reported non-GAAP profit of $60.9 million in 2023 and EBITDA of $61.9 million compared with $25.9 million in 2022. The company’s share price jumped 18% in two days of trading, giving the company a market cap of $2.3 billion, a rise of 190% from its low point 18 months ago, Globes reported. Read more.
