BigCommerce Holdings, which provides a cloud-based platform for businesses to create online stores, filed on Monday with the SEC to raise up to $100 million in an initial public offering.
BigCommerce states that its SaaS platform simplifies the creation of online stores through ease-of-use, enterprise functionality, and flexibility. It powers both its customers' branded e-commerce stores and their cross-channel connections to popular online marketplaces, social networks, and offline point-of-sale systems. As of June 1, 2020, it served approximately 60,000 online stores in approximately 120 countries.
BigCommerce competes with Shopify, one of the best-performing IPOs of the past decade, along with private website builders such as Automattic/Wordpress and Squarespace. BigCommerce booked $120 million in sales during the last 12 months, compared to $1.7 billion for Shopify.
The Austin, TX-based company was founded in 2003 and plans to list on the Nasdaq under the symbol BIGC. BigCommerce Holdings filed confidentially on January 9, 2020. Morgan Stanley, Barclays, Jefferies, and KeyBanc Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
