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The rise of Wix shows that Israel leads the way in far more than cybersecurity

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Although the startup nation is most readily associated with cybersecurity, the tech hub of Tel Aviv has become a melting pot for unicorns emanating from a broad range of industries – and the sustained success of Wix illustrates the wider applications of Israeli tech.

Recently, Wix announced that the company was expecting to see over $14 billion in revenue over the course of the next 10 years from existing customers alone – with the web development leaders claiming that the Covid-19 pandemic has contributed to an accelerating number of small businesses using its services.

The success of Wix, founded in Tel Aviv in 2006, has been built on innovative services and features that pioneer convenience for its users. In August, the firm rolled out a drag and drop website builder that enables users to create their own websites without the need for any coding. The new feature, called Branded App, will be capable of providing users with a domain name and the ability to manage a customizable website as well as a native mobile app for iOS and Android – among many more services.

Recently, Wix announced that the company had completed a $200 million share repurchase program authorized by directors in May 2021. As a result, the company repurchased 895,136 outstanding ordinary shares – amounting to around 1.6% of total shares outstanding at an approximate........

© The Times of Israel (Blogs)

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