SimilarWeb Ltd., an analytics startup that counts more than half of the Fortune 100 as customers, is reportedly planning an initial public offering for the second quarter of 2021. 

The startup joins a growing list of data analytics providers that are expected to list their shares next year.  

Israeli business publication Calcalist reported the company’s plans earlier today. SimilarWeb is expected to go public on the Nasdaq stock exchange at a $2 billion valuation, with JP Morgan acting as lead underwriter. It’s unclear how much the company is hoping to raise from investors. 

Tel Aviv-based SimilarWeb provides an analytics platform that enables users to see how much traffic a website or mobile app receives. The platform has a free version that provides high-level statistics such as the number of monthly visitors to a site and how popular it is relative to the competition. For enterprises, SimilarWeb offers paid tiers that provide more granular data on online activity patterns.

SimilarWeb enables companies to identify the channels that are driving the most traffic to their websites and mobile apps to inform their marketing activities. For example, if the platform shows that a large number of users find an e-commerce store by looking up a certain keyword in Google, the store’s operator could place more ads above searches that contain the keyword.

SimilarWeb also provides customers with access to data about the traffic headed to other companies’ online properties, a feature that lends itself to a broader set of use cases. The platform enables brands to keep an eye on competitors’ online marketing efforts. Sales teams, meanwhile, use details that SimilarWeb aggregates from corporate websites to support deal-making efforts, while investors can use the platform to give them a fuller picture of firms they’re looking at backing.

SimilarWeb counts big names such as Walmart Inc., Google LLC and Adidas AG as customers. The report that the startup is laying the groundwork for an IPO comes just months after it closed a $120 million funding round led by ION Crossover Partners and Viola Growth. SimilarWeb Chief Executive Officer Or Offer told TechCrunch at the time, in response to a question about the startup’s IPO roadmap, that ”we will pursue whatever we feel is necessary to grow.”

SimilarWeb wouldn’t be the first analytics provider to start preparations for a 2021 listing. SAP SE’s Qualtrics unit, which provides software that enables companies to collect and analyze data on customer sentiment, is planning to go public on the Nasdaq at a valuation of up to $14.4 billion. Qualtrics had originally sought to hold an IPO in 2018 but the company decided to accept a $8 billion acquisition offer from SAP instead. 

It was reported in October that machine learning and analytics provider Databricks Inc. is eyeing a 2021 listing as well. The IPO is expected to give the company a significantly higher market capitalization than its last private valuation of $6.2 billion. 

Image: SimilarWeb