An Israeli technology company that grabs data from thousands of mobile phone signals to build real-time information about pedestrian traffic plans to float in London next month.
Trendit expects to raise £3m with a premium listing on the London Stock Exchange, at a valuation of around £10m.
The company, based in the city of Ra’anana near Israel’s tech hub of Tel Aviv, uses anonymised location data provided by mobile-phone networks, to determine how many people are in a place, such as a shopping centres, at any one time.
Using a statistical model based on network information such as where users have come from and how often text messages are sent and received, Trendit can also determine how often people stay at places and other indicators such as their economic status.
Its technology was used to gather information about a 300,000-person protest over conscription of yeshiva students in Jerusalem last year, and to analyse visits to Wal-Mart in California.
Trendit has also been used to analyse commuting patterns in Austria, an area that its chief executive Benny Saban believes will become increasingly important as authorities invest in “smart cities” which use data to improve services and cut costs.
— Boris Johnson (@MayorofLondon) November 9, 2015
He said the company was raising money to invest in business development and marketing, having demonstrated that the technology works, with its private equity backers Capital International retaining their stake. The IPO will be handled by brokers at Peterhouse Corporate Finance.
Mr Saban said Trendit had chosen London over New York due to strong investor appetite for data analytics firms and its international time zone, despite the Nasdaq index’s attraction. “The UK is a very good cradle for technologies that are in data. There is a trend of everyone looking at Nasdaq, but we see ourselves as an international company.”
The float will come as a boost to London mayor Boris Johnson’s efforts to encourage stronger links between the capital and Israel’s technology sector.
On a trade mission to Tel Aviv earlier this month, he said that London was the “natural tech partner” to Israel.