Similarweb (SMWB) signed two multiyear enterprise contracts totaling about $47 million in contract value, while its annual recurring revenue has exceeded $300 million, the company said Monday.

The contracts were signed in Q2 and reflect rising demand from artificial intelligence-driven companies and global enterprises for Similarweb's digital data products used in market intelligence and decision-making, the company said.

The company added it will update its full-year outlook when it reports Q2 results in mid-August.

Similarweb shares were up 9.6% in premarket activity.