NEW YORK, April 10, 2019 /PRNewswire/ -- Wix.com Ltd.
(Nasdaq: WIX), today announced its plans to build a new
headquarters and campus in Tel Aviv,
Israel.
Wix continues to grow rapidly and is nearing capacity in its
current location in the Port of Tel
Aviv. The new 50,000 square meter space is part of a larger
commercial development being built in Tel
Aviv, and is expected to become Wix's new headquarters as
well as a campus for employees based in Tel Aviv beginning in 2022, and will be able
to accommodate continued growth for years to come.
"This is an incredible milestone for Wix, and we are all excited
to create a new home for our growing team in Israel," said Lior
Shemesh, CFO of Wix. "This new campus will allow us to scale
our headquarters in a single location and provide an inspired
environment designed specifically for our employees as they
continue to build great products for our users around the
world."
Wix expects to occupy the space in two phases -- phase one in
the second half of 2022 and phase two in the second half of
2023.
Financial Benefits and Impact
Wix entered into an
agreement to lease the new space with corporate entities controlled
by the controlling shareholders of Canada Israel Ltd., a private
Israeli real estate corporation. The initial period of the lease
agreement is 10 years, and Wix has the option to extend the lease
for a period of at least 11 years thereafter. Wix expects its
leasehold improvements associated with building the new office
space to be approximately $80 million
over a two-and-a-half-year period, beginning in 2021 and ending in
2023. This upfront capital investment will alleviate the need to
incur incremental capital costs on an annual basis as the new space
is expected to be large enough to accommodate our employee growth
for years to come. Additionally, annual operating costs on a per
square meter basis is expected to be less than what Wix spends
today.
Forward-Looking Statements
This document contains
forward-looking statements, within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
that involve risks and uncertainties. Such forward-looking
statements may include projections regarding our future performance
and may be identified by words like "anticipate," "assume,"
"believe," "continue," "could," "estimate," "expect," "intend,"
"may," "plan," "potential," "predict," "project," "outlook,"
"future," "will," "seek" and similar terms or phrases. The
forward-looking statements contained in this document are based on
management's current expectations, which are subject to
uncertainty, risks and changes in circumstances that are difficult
to predict and many of which are outside of our control. Important
factors that could cause our actual results to differ materially
from those indicated in the forward-looking statements are
discussed under the heading "Risk Factors" in the Company's annual
report on Form 20-F for the year ended December 31, 2018, filed with the Securities and
Exchange Commission on April 9, 2019.
Any forward-looking statement made by us in this press release
speaks only as of the date hereof. Factors or events that could
cause our actual results to differ may emerge from time to time,
and it is not possible for us to predict all of them. We undertake
no obligation to publicly update any forward-looking statements,
whether as a result of new information, future developments or
otherwise.
About Wix.com Ltd.
Wix is leading the way with a
cloud-based website development platform for over 151 million
registered users worldwide. The Wix website builder was founded on
the belief that the Internet should be accessible to everyone to
develop, create and contribute. Through free and premium
subscriptions, Wix empowers millions of businesses, organizations,
artists, and individuals to take their businesses, brands and
workflow online. The Wix Editor, Wix ADI, a highly curated
App Market, Ascend by Wix and Wix Code enable users to build and
manage a fully integrated and dynamic digital presence.
Wix's headquarters are in Tel
Aviv with offices in Be'er Sheva, Berlin, Dnipro, Dublin, Kiev,
Los Angeles, Miami, New
York, San Francisco, São
Paulo and Vilnius.
Visit us: on our blog, Facebook, Twitter, Instagram,
LinkedIn and Pinterest
Download: Wix App is available for free on Google
Play and in the App Store
For more about Wix please visit our Press Room
Investor Relations:
Maggie
O'Donnell
ir@wix.com
415-223-2624
Media Relations:
Vivian
Hernandez
pr@wix.com
415-517-6539
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SOURCE Wix.com Ltd.