WalkMe explained

WalkMe Ltd.
Traded As:	NASDAQ:
Industry:	SaaS, software, no-code development platform, artificial intelligence, Business process automation
Language:	English, Multi-language
Location:	350 Mission Street San Francisco, California, U.S.
Subsidiaries:	Abbi, Jaco, DeepUI, Zest
Employees:	1,100
Revenue:	$245 million (2022)^[1]
Key People:	Dan Adika (CEO) Rafael Sweary (President) Hagit Inon (Interim CFO)
Products:	WalkMe Digital Adoption Platform (DAP)
Parent:	SAP

WalkMe Ltd. is an American multinational software-as-a-service (SaaS) company, with headquarters in San Francisco, California.^{[2] [3] [4]} Its digital adoption platform (DAP) was recognized in Everest Group's PEAK Matrix Assessment of DAP vendors as the leading DAP product.^[5] Alongside its headquarters in San Francisco, the company has offices in Raleigh, North Carolina; Tel Aviv, Israel, and a global footprint including the United Kingdom, Australia, and Japan.^[6]

The company's initial public offering (IPO) took place on June 16, 2021, and resulted in a valuation of 2.56 billion.^[7] WalkMe was acquired by SAP for $1.5 billion in 2024.

History

WalkMe Inc. was founded in 2011 by Dan Adika, Rafael Sweary, Eyal Cohen and Yuval Shalom Ozanna. In April 2012, they launched the product WalkMe.^{[3] [8]} In 2017, WalkMe acquired mobile A/B testing and app engagement platform Abbi,^[9] and analytics startup Jaco.^[10] User interface artificial intelligence company DeepUI.ai was acquired in June 2018,^[11] and information enablement tool Zest was acquired in 2021.^[12]

In June 2024, SAP announced that it has entered into an agreement to acquire WalkMe for $1.5 billion.^{[13] [14]} The waiting period for the acquisition expired in July 2024 under the Hart–Scott–Rodino Antitrust Improvements Act, with the acquisition expected to be completed by the year-end pending satisfaction of other conditions of the agreement.^[15] The acquisition was completed in September 2024.^[16]

Corporate affairs

In April 2020, WalkMe and Microsoft announced a partnership in which WalkMe's DAP is embedded in Microsoft Dynamics 365 for customers and partners.^[17]

In May 2020, Andrew Casey was appointed as the company's first Chief Financial Officer (CFO).^[18]

In October 2020, WalkMe launched its Digital Adoption Institute to the public for providing a scholarship and upskilling courses in digital adoption.^[19]

Funding

WalkMe has raised 307.5 million in nine rounds of funding. The company was valued at 2 billion after its Series G round in December 2019.

• In April 2012, WalkMe raised 1 million in its Series A round, led by Mangrove Capital Partners.^[20]
• In October 2012, it raised its Series B funding of 5.5 million, led by Gemini Israel Ventures.^[21]
• In April 2014, WalkMe raised 11 million in its Series C funding round led by Scale Venture Partners.^[22]
• In June 2015, WalkMe raised Series D of 25 million, led by Greenspring Associates.^[23]
• In May 2016 and July 2017, WalkMe raised a total of 125 million in its Series E round led by Insight Partners.^{[24] [25]}
• In September and November 2018, WalkMe raised Series F funding of 50 million from Insight Partners and EDBI.^[24]
• In December 2019, WalkMe raised 90 million in its Series G round of funding led by Vitruvian Partners.^[26]
• In June 2024 it was announced at SAP Sapphire that a definitive agreement was entered into under which SAP will acquire WalkMe for US $14.00 per share in an all-cash transaction, representing an equity value of approximately US $1.5 billion. The offer price represents a 45% premium to WalkMe’s closing share price on June 4, 2024.^[27]

Notes and References

1. Web site: WalkMe Ltd. Announces Fourth Quarter 2022 Financial Results. WalkMe.
2. Web site: WalkMe raises $11M to hold your hand as you click through websites . Dylan Tweney . VentureBeat . 2014-04-01 . 2014-06-16.
3. Web site: Klie . Leonard . Customer Support: Keeping Up with the Digital Migration – CRM Magazine . Destinationcrm.com . 2013-11-01 . 2014-06-16.
4. Web site: 2014 Digital Marketing Forecast: 7 Trends To Watch. Nusaresearch.com. 9 August 2017.
5. News: Digital Adoption Platform (DAP) Products PEAK Matrix® Assessment with Technology Vendor Landscape 2020 . 14 April 2021 . Everest Group.
6. News: WalkMe headquarters and office locations . 5 April 2021 . craft.co.
7. News: Solomon . Shoshanna . Israel's WalkMe raises $287 million in Nasdaq IPO at $2.5 billion valuation . 20 June 2021 . www.timesofisrael.com . 16 June 2021.
8. Web site: The Company . WalkMe . 2014-06-16.
9. Web site: WalkMe acquires Abbi.io to add mobile A/B testing and engagement – TechCrunch. Ingrid. Lunden. Techcrunch.com. 13 January 2017 . 9 August 2017.
10. News: Keane. Jonathan. Israel's WalkMe acquires analytics startup Jaco. 10 December 2017. TechEU. April 4, 2017.
11. News: WalkMe buys Israeli machine learning co DeepUI . 14 April 2021 . Globes . 20 June 2018 . en.
12. News: Tel Aviv-founded digital adoption platform WalkMe acquires AI search company Zest . 20 June 2021 . Tech.eu.
13. News: Software giant SAP agrees to buy WalkMe for $1.5 billion cash . June 5, 2024 . Associated Press.
14. Web site: SAP Enters into Agreement to Acquire WalkMe, Driving Business Transformation by Enhancing the Customer Experience and Enriching SAP Business AI Offerings . SAP SE . 2024-06-05 . 2024-06-06.
15. News: Cuthbert . Jon . WalkMe (NASDAQ:WKME) clears hurdle for merger with SAP SE . Grafa . 18 July 2024.
16. SAP Completes Acquisition of WalkMe . September 12, 2024 . SAP News.
17. News: Microsoft joins digital platform WalkMe to boost Dynamics 365 sales . 14 April 2021 . Express Computer . 7 April 2020.
18. News: Muskett . Lauren . CFOs On the Move: Week Ending March 13 . 14 April 2021 . CFO . 13 March 2020.
19. News: Digital Adoption Institute Launches with Free Scholarships to Fuel the Reskilling Revolution . 14 April 2021 . finance.yahoo.com.
20. News: Help Gratefully Received: On-Screen Web Guidance System WalkMe Picks Up $1M+ From Mangrove . 14 April 2021 . TechCrunch.
21. News: Online Guidance System WalkMe Raises Another $5.5M To Make Sure That We Never Get Lost On A Website Again . 14 April 2021 . TechCrunch.
22. News: Website guide co WalkMe raises $11m – Globes . 14 April 2021 . en.globes.co.il . 1 April 2014 . he.
23. News: WalkMe Raises Another $25M For Its Platform To Get Around Websites And Software More Easily . 14 April 2021 . TechCrunch.
24. News: On-screen guidance startup WalkMe raised $50M led by Insight, now valued around $400M . 14 April 2021 . TechCrunch.
25. News: WalkMe leads wave of Israeli startup funding with $75 million . 14 April 2021 . Haaretz.com . en.
26. News: WalkMe raises $90 million to help people navigate user interfaces with on-screen prompts . 12 April 2021 . VentureBeat . 9 December 2019.
27. Web site: SAP Enters into Agreement to Acquire WalkMe, Driving Business Transformation by Enhancing the Customer Experience and Enriching SAP Business AI Offerings . 5 June 2024 .