Somoto (TASE: SMTO) focuses on marketing, distribution, development and automatic intelligent installation (Smart Installer) applications from advertisers, various monetization solutions and solutions for tracking and reporting for applications installation for the personal computer (PC) on Windows, Mac and mobile devices (mobile) environments, using advanced technology developed by the company. The company operates through a large number of publishers and distributes different applications, including the management of installations of applications.
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Latest Somoto News
Feb 9, 2022
remon 18 mins ago GoTo Global, an Israeli mobility company that offers shared micromobility and car-sharing services in Spain, Israel, Malta and Germany, is listing on the Tel Aviv Stock Exchange through a merger with the company Nera Tech Media screen. The merger is expected to close in early April, which will initially give GoTo access to the $12 million Nera Tech holds in cash, money that GoTo will use to expand its presence in Germany, according to company CEO Gil Laser. GoTo, which was founded 13 years ago, acquired German shared moped operator Emmy last fall, giving the company entry into the German market, particularly in Hamburg, Berlin and Munich. The plan is to use the IPO funding to expand GoTo’s vehicle offerings in Germany with cars and e-scooters or e-bikes, as well as invest in product development. The startup world has seen a major trend of special purpose acquisition companies forming to merge with private companies and accelerate them on their way to the public market, but this deal with Nera Tech is a little different. Merging with a shell company is often referred to as a “reverse merger” and involves an active private company taking control and merging with an inactive public company, aka the shell company. Shell companies are typically companies that have already gone through the IPO process but have sold their business, leaving them with only the structure, or “shell”, of a company. Nera Tech itself was created after publicly listed company Somoto split in two, with 75% of its shares redistributed to a company called Nostromo, which deals with energy storage and management, in as part of a merger with the company. Somoto split its video and audio advertising businesses and transferred them to Nera Tech Media, which then listed for trading on the TASE. Nera Tech still owns an AI-powered audio platform startup called Trinity Audio, which Laser says will be sold, giving GoTo more money for its IPO – Laser expects Trinity to sells for around $30 million over the next 18 months. Even with the $18 million GoTo currently has in cash, Nera Tech’s $12 million, and Trinity’s potential $30 million, Laser estimates GoTo will need to raise an additional $18-20 million for its pre-IPO. on the stock exchange with VCs, angels or family offices. The newly created company will have a market capitalization of $163 million, with current GoTo shareholders receiving 74% of the shares of the combined company and the remaining 26% going to Neratech shareholders. “We believe IPO is the best situation right now rather than raising funds through VCs, as they are looking for start-ups or large companies that are primarily focused on SaaS and technology,” said Laser told TechCrunch. “We are in the middle because we have the technology, but we also have the operations. We made the decision to go public because we have a strong product, we’re pretty sure we’ll grow the market in two years, and we have to run fast if we want to maintain our edge. The decision to go public via a merger with a shell company rather than the traditional IPO is because it was a good deal, so to speak, says Laser, who noted that GoTo had enough money to achieve all its objectives for the next two years and generate its activity to be profitable. The merger, he says, is just a shortcut to the IPO. Although GoTo is not yet profitable globally, Lasers says the company has achieved profitability and is generating positive cash flow in Israel. Usually, vehicle-sharing companies need to raise a lot more money in order to achieve favorable unit economics that leads to profitability, but GoTo does things a little differently. The company, which has a fleet of 5,800 vehicles accessed by more than 450,000 subscribers, has entered into memorandums of understanding with companies like Renault, Toyota, Nio and Segway to rent cars and mopeds from them instead. than buying your own fleet. GoTo still owns the majority of its micromobility vehicles today, but the goal is to lease them in the future as well. Leasing, rather than buying assets that depreciate with time and use, allows the business to profit from arbitrage. In other words, it will make a profit by taking advantage of the price difference between renting assets for a period of two years and then renting them back to users for ten minutes, for example. GoTo expects this business model to accelerate the path to profitability, predicting that it will generate $35 million in revenue by the end of the year, a 58% increase over the reported revenue of 2021 of $22 million. GoTo previously told TechCrunch that it hopes to achieve annual revenue of more than $116 million by the end of next year — a daunting task that will require rapid scaling. One of the verticals that GoTo wants to continue growing in is B2B. Currently, most of its customers are commuters who have subscribed to GoTo’s ecosystem of available vehicles, but to achieve its goal of doubling its platform’s users, it hopes to bring in businesses. Many companies pay their employees travel and travel allowances every month, which GoTo wants to capitalize on, offering dedicated vehicles to these companies and their employees and even, possibly, longer-term rentals for anyone. what vehicle. “The goal is to increase the target audience and increase product variety,” Laser said. In the long term, GoTo wants to facilitate all types of transport within the ecosystem. He is currently piloting with ride-sharing companies and preparing his app for such integration, and wants to find ways to work with transit agencies to create a holistic ecosystem. Tech Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor. remon 18 mins ago
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Somoto Frequently Asked Questions (FAQ)
When was Somoto founded?
Somoto was founded in 2009.
Where is Somoto's headquarters?
Somoto's headquarters is located at 10 HaBarzel Street, Tel Aviv.
What is Somoto's latest funding round?
Somoto's latest funding round is Other Investors.
Who are the investors of Somoto?
Investors of Somoto include Kaedan Capital Group.
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