Web and Mobile Analyst Glassbox Sold and Taken Private

Digital behaviour analytics firm Glassbox is to be acquired and taken private by Alicorn Venture Partners, an existing investor, for around $150m in cash.

Founded in 2010 as Clarisite and with offices in the UK, the USA and Israel, Glassbox provides analysis of web site traffic and smartphone application usage, helping clients to understand user behaviour. The firm was floated in 2020-21 on the Tel Aviv stock exchange and was initially valued at more than twice the price it's selling for now, although in the past year it has recovered strongly after an earlier slump - the recovery follows the appointment of new directors, cost- and job-cutting and the launch of two AI-based tools. Annual recurring revenue rose 17% last year to $57.3m, and the firm currently employs around 240 people.

Alicorn says the buy reaffirms its confidence in Glassbox's corporate strategy and market potential, 'particularly as the company doubles down on expanding its technological assets and AI capabilities'. CEO Yaron Morgenstern and the existing Glassbox management team will remain in their positions and the firm will become an independent, privately held company.

Morgenstern (pictured) says the news 'marks an exciting and pivotal time at Glassbox', adding: 'This investment not only validates our cutting-edge AI innovations and robust customer intelligence platform, but also enhances our capacity to meet the evolving needs of our global clientele'.

The transaction is expected to close in Q3 2024, subject to approval by Glassbox shareholders and to other customary closing conditions.

The company, which last month appointed former Instructure exec Michelle Suzuki as Chief Marketing Officer, is on the web at www.glassbox.com .