Wix CEO: 'Pretty Good Chance' Of Growing To $10B In Annual Collections

Cloud-based website development platform company Wix.Com Ltd WIX ended the first quarter with more than 150 million customers, but the company has plenty of room to expand within the "enormous" market, company CEO Avishai Abrahami told CNBC's Jim Cramer.

What Happened

Wix serves small-to-medium sized businesses across the world, which implies a "pretty good chance" of growing from $1 billion in annual collections to $10 billion, the CEO said during Cramer's "Mad Money" show.

Wix has one major trend working in its favor, he said: the need for businesses to manage their own websites continues to grow.

Why It's Important

Wix's services do not end with helping businesses create websites; it offers management solutions and marketing tools to grow with, the CEO said.

For example, Wix can act as an intermediary with a group of freelance experts with knowledge in online marketing, art and other valuable skills.

What's Next

Wix announced a new feature, Corvid, that links with external data sources to collect, store and manage content.

Pricing for the feature has yet to be announced, as it is still in the late beta stage, but it is expected to be fully released in the next six months.

Wix shares were down 0.62% at $148.11 at the close Friday.

KeyBanc Takes Neutral Stance On Wix