Israeli firm Cellebrite to do $2.4 billion Nasdaq IPO via SPAC

Cellebrite’s technology solutions position it for long-term growth in a market that is estimated to reach $12 billion by 2023

Cellbrite CEO Yossi Carmil. (photo credit: SHLOMI YOSEF)
Cellbrite CEO Yossi Carmil.
(photo credit: SHLOMI YOSEF)
Petah Tikva-based digital intelligence company Cellebrite is set to go public on the Nasdaq at a valuation of $2.4 billion, through a SPAC merger with TWC Tech Holdings Corp. II.
The deal will provide the company with up to $480 million in cash and includes the sale of $300m. worth of shares from early investors in the company.
Cellebrite will trade under the ticker CLBT. The company, which was founded in 1999 and has 700 employees worldwide (500 in Israel), said it had 2020 revenues of approximately $195m., and expects that to grow to $283m. in 2022.
Cellebrite’s products are designed to enable its customers to protect and save lives, accelerate justice and preserve privacy in communities around the world, and have helped millions of investigations globally. The company’s solutions have been purchased by 6,700 public safety agencies and private sector enterprises in over 140 countries, it said.
In October last year, the company decided to stop selling to customers in Hong Kong and China after evidence emerged that police there were using its solutions to hack into the phones of pro-democracy activists.
Cellebrite’s technology solutions position it for long-term growth in a market that is estimated to reach $12b. by 2023, it added.
“Today marks an exciting step for our company and team, and will put us in an even better position to capture the opportunities ahead,” said Cellebrite CEO Yossi Carmil. “As a result of the transaction, we will seek to build upon our leadership position by making strategic, targeted investments to expand our capabilities, deepen our position in the public sector and attract new customers in the growing private-sector market.
“At Cellebrite, we are most passionate about the positive, meaningful outcomes our work enables for the powerless, threatened and underserved. Importantly, we recognize the immense responsibility that comes with operating a business that partners with law enforcement agencies but protects the privacy of citizens. To that end, Cellebrite and our Board have a deep commitment to creating a safer world and to operating in a lawful and ethical manner that is unwavering.”
“Cellebrite’s technology helps bring justice to victims of crimes, including cases of child exploitation, violent crimes such as homicide and sexual assault, drug and human trafficking, fraud and financial crime,” said Adam Clammer, CEO of TWC Tech Holdings. “We are proud to be partnering with a company that is having a real impact on these issues.”